Middle-class Scots live off credit cards as debt soars

MIDDLE-class Scots are using credit cards to maintain their standard of living, it has been warned, as personal debt reaches more than £5,000 a head.

Despite the economic recovery, close to two-thirds of us remain mired in debt and struggling to get out of the red. A new survey shows the average person owes £5,020, not including mortgage borrowing on homes.

A debt expert from Money Advice Scotland said many apparently comfortably off families are financing their lifestyle through credit, while ignoring the debt they are accumulating.

Many won’t realise just how much they actually owe, as the £5,020 figure draws together credit card bills, overdrafts, finance agreements on cars, store cards and money borrowed from parents and friends.

Yvonne MacDermid, chief executive of Money Advice Scotland, said: ‘Very often, middle-class

‘Debt has become normalised’

people need a whole change of lifestyle to pull in the reins, but they think, “Why am I having to do this? I should be able to afford this.” They forget that it is credit supporting their lifestyle and not their disposable income.

‘Debt has become normalised and the people we speak to do not just have one single debt – they have multiple debts.’

The average debt per head last year rose from £4,365 in 2014, according to the survey by the MoneySuperMarket website.

Almost two-thirds of Scots questioned said they owe money, which will take them more than a year and two months on average to pay off.

One in seven is trying hard not to take on any debt but this is made harder by the sheer volume of borrowing available.