UK Money News
22nd May 2008
Debt charity warns over use of payday loans
Consumers who regularly use payday loans to tide them over financially are most probably facing an "underlying debt problem", a leading debt charity has warned.
Payday loans have proved a significant growth area in recent years and provide borrowers with short term high interest finance.
However, according to Beccy Boden Wilks, a spokesperson for National Debtline, anyone who relies on these is advised to look at their budget, since this behaviour tends to characterise consumers who have a problem with debt.
She said: "Are you paying out more than you get in each month? If you are, then you need debt advice, to see where you can make cut backs.
"You may need to negotiate smaller payments with your creditors…or your mortgage lender."
According to Moneysupermarket.com, take-up of short-term payday loans has increased by 55.4 per cent since September 2007.
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