Much has been written about the likely impact of coronavirus on the economy and that impact will unfold in the weeks and months to come.
It is, however, clear that coronavirus poses a serious threat to the finances of many people across the country. Individuals and families will be exposed to increased levels of debt as jobs and incomes are lost.
This past weekend a poll showed that a third of Scots have felt the pinch due to the pandemic, and the skyrocketing number of Universal Credit applications demonstrates the bleak financial situation many face.
Those who have so far been able to balance credit and store cards because they are in work now find themselves in the red at the worst possible time.
The Scottish Government has ensured that debt has been frozen for those in trouble for six months until they can get themselves organised.
This is the right thing to do, but it doesn’t deal with the interest and fees charged which will cause the debt to skyrocket.
What those who are burdened with debt and are now out of work or furloughed need is a freeze on all interest, fees and charges to give them a fighting chance to get on top of their debt.
There will be an economic and financial cost of this pandemic to many families across the country. It is time for the Scottish Government to give them a helping hand by freezing interest, fees and charges.
Baillie is the deputy leader of Scottish Labour
