Additional rises in the interest rate has the potential to push many residents of Scotland into financial difficulties. It has been estimated that personal insolvencies in Scotland are increasing by 20% per year and are reaching an all time high.

It is estimated that around two million people in the UK are considered to be 'irretrievably indebted'. This means they are only able to pay off the interest on their debts without ever making any headway on paying off the debts themselves.

The higher interest rates also means that many people will see their mortgage payments rise, which may also result in more unpaid mortgages.

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