Yesterday in Parliament I met with StepChange Debt Charity as they launched their Scotland in the Red research report. The report found that Scotland has the highest volume of payday lending among Stepchange Debt Charity clients in the UK. It shows that over 10% of total client debt in Scotland was the result of payday loans, and almost 20% of clients had at least one payday loan.
In Fife, Cowdenbeath and Dunfermline’s average debt was much higher than the Scottish average by £6,778 and £1,700 respectively. Both areas also join with North East Fife in having an above average payday loan debt. Kirkcaldy is also a cause for concern with more people there taking out a pay day loan than average across Scotland.