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Bankruptcies Rocket 309% In Ten Years

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"PERSONAL bankruptcies in Scotland have jumped by a staggering 309 per cent in the past ten years, spurred by spiralling house prices and "a culture of hedonism".

According to official figures analysed by Scottish debt solutions company Newtomorrow.com, there were 4,465 sequestrations – the Scottish term for bankruptcy – in 1998, compared to 13,814 in 2007.

In that period, the average house price north of the Border increased by 260 per cent, from £67,355 to £175,955 while average wages went up by only 138 per cent from £261 to £360 per week.

John Hall, chief executive of Newtomorrow.com's parent group Invocas, said: "The housing boom, low interest rates and an increasingly hedonistic approach to life during the last ten years has fuelled consumer spending, much of it on credit.

"Now the effects of a credit-driven lifestyle are coming home to roost with many householders struggling just to keep a roof over their heads."

According to Newtomorrow.com, the average Scot has £30,334 of unsecured debt, which does not include mortgages.

The credit crunch has also contributed to an increase in bankruptcies. It has forced lenders to increase their mortgage, loan and credit card rates."

http://business.scotsman.com/personal-fina...-ten.3848426.jp

£30,334 unsecured debt! That can't be right?

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Having seen the effect of Scottish politicians wrecking our economy this side of the border I'm glad to see the whole Scottish nation believed in it's suposed economic competence.

I think the idea of a prudent Scott will soon be at an end.

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"PERSONAL bankruptcies in Scotland have jumped by a staggering 309 per cent in the past ten years, spurred by spiralling house prices and "a culture of hedonism".

According to official figures analysed by Scottish debt solutions company Newtomorrow.com, there were 4,465 sequestrations – the Scottish term for bankruptcy – in 1998, compared to 13,814 in 2007.

In that period, the average house price north of the Border increased by 260 per cent, from £67,355 to £175,955 while average wages went up by only 138 per cent from £261 to £360 per week.

John Hall, chief executive of Newtomorrow.com's parent group Invocas, said: "The housing boom, low interest rates and an increasingly hedonistic approach to life during the last ten years has fuelled consumer spending, much of it on credit.

"Now the effects of a credit-driven lifestyle are coming home to roost with many householders struggling just to keep a roof over their heads."

According to Newtomorrow.com, the average Scot has £30,334 of unsecured debt, which does not include mortgages.

The credit crunch has also contributed to an increase in bankruptcies. It has forced lenders to increase their mortgage, loan and credit card rates."

http://business.scotsman.com/personal-fina...-ten.3848426.jp

£30,334 unsecured debt! That can't be right?

I feel sorry for them. That's a lot of money.

Lets give them independance and make it totally there problem.

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Having seen the effect of Scottish politicians wrecking our economy this side of the border I'm glad to see the whole Scottish nation believed in it's suposed economic competence.

I think the idea of a prudent Scott will soon be at an end.

Having just checked their website it was a mistake, maybe not too late for us after all :)

"Scots calling personal debt solutions company newtomorrow.com have an average of £30,334 in unsecured debt – with some owing more than a quarter of a million pounds."

http://www.newtomorrow.com/debt_picture_in_scotland.aspx

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Having seen the effect of Scottish politicians wrecking our economy this side of the border I'm glad to see the whole Scottish nation believed in it's suposed economic competence.

Yes its a disgrace, after all we are quite capable of wrecking our own economy without any intervention from up North.

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Guest DissipatedYouthIsValuable
Yes its a disgrace, after all we are quite capable of wrecking our own economy without any intervention from up North.

It's not as if their student debt isn't subsidised by England either.

I suspect they've been spending too much on booze.

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Sheeple are sheeple, whether you have a psychologicaly damaged scottish guy running your affairs or a public schoolboy, the end result is the same we are being conned. How did a nation of workers settle for a minimum wage under £6 per hour? When will an organised peacefull mass of people just say enough is enough.

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Guest Skint Academic
I suspect they've been spending too much on booze.

I object to that statement! You can never spend too much money on booze.

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Guest DissipatedYouthIsValuable
Easy now, at least one poster here is a Scottish student <_<

As long as they're happy with the cheap education for oil deal.....

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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