News
06/10/2008 MOTHERWELL is the debt capital of Scotland, new figures reveal
Hundreds of locals in the former steel town owe an average of £38,000 under a special repayment deal to stave off bankruptcy.
One in 108 adults in job-starved Motherwell, which has a population of 30,300, are paying off their soaring liabilities with a Trust Deed.
They are also among the youngest Trust Deed debtors in Scotland with an average age of 37 compared to 39 nationwide.
Unemployment in the town — which once boasted the massive Ravenscraig steel mill — has hit a staggering 8.9 per cent.
Falkirk holds second place in the Trust Deed league of shame where one in 115 adults are in the red.
Struggling
Kirkcaldy, Fife, comes third with one in 118 adults signed up, Glasgow fourth with one in 139 and Paisley fifth, where one in 141 are in serious debt.
The shock figures were compiled by The Debt Standard, an independent organisation who oversee companies offering help to people struggling with the credit crunch.
A Trust Deed is a voluntary arrangement which allows debts to be paid off over a period of up to three years.
Published in The Scottish Sun
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