Figures have revealed that a larger number of people in Scotland are paying off their debt that in other parts of the UK. The figures come from the Credit Confidential Credit Index and have shown that more than one in four Scots are now in less debt than they were at the same time last year. In total 27.6 percent of Scots now owe less money on their debt than a year ago, reflecting how they have been paying off their debts.

The number of Scots paying off their debts in Scotland is even higher than the Scottish national average, with figures showing that 32 percent of Glaswegians are now in less debt than they were a year ago. This reflects an increase of 10 percent compared to the same survey that was carried out in July. Edinburgh came in at lower than the national average, with around 19 percent saying that they are in less debt. Despite being below the national average, it still beat other capital cities, including London where 15 percent were in less debt than a year ago and Cardiff where only 4 percent were in less debt than a year ago.

An official from Credit Confidential said: “The recent debate, stoked by David Cameron suggesting people pay off their credit card bills, seems to be redundant for many Scots as they have been offloading debts in the past three months anyway. However, with Christmas coming, unemployment rising and inflation increasing, if consumers cannot access credit easily from the high street and traditional lenders, some may be forced to borrow from less reputable sources such as loan sharks.”