(PRWEB) June 1, 2006 -- There is a dramatic increase in repossessions as per the government figures in Scotland. There has been an increase in the repossession decrees and it’s 34 per cent on the 2004 figure.

SNP’s justice spokesman Kenny MacAskill blamed on the rise in repossession due to lending to vulnerable groups.

Bryan Jackson, a partner at insolvency firm PKF said that the insolvency figures were more visible from the people aged under 30. He was not surprised with the increase in the repossession decrees even though such rise was unexpected. He said that there is debt problem but it’s not only because of the credit cards but with other types of loans also.

Though secured loans are one of the best loans as they offers loans at low rate of interest and for a long period of time but the main disadvantages of secured loans are that in case of defaults in repayments lenders may repossess your property.

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