The amount of people seeking help as a direct result of problems caused by payday loans has apparently doubled over the past two years, suggesting maybe some of these consumers need to consider a longer term solution to cash flow problems.
It`s emerged that 37 per cent of the Debt Advisory Centre`s new clients this year (2103) are having problems with the short-term, high interest loans, compared to 18 per cent in 2011.
As a proportion of their debt, payday loans now account for 15 per cent of the total, compared to seven per cent two years ago.
Multiple borrowing through any loans can lead to a slippery slope of debt, but taking decisive action over your finances and being diligent about your spending thereafter could turn things around.
You may look to do this with a debt consolidation loan, using it to pay off your existing unsecured loans & credit cards leaving you with more money in your pocket each month.
Please be aware that interest payments will probably be larger over the full period of the new loan and you will need to control your spending to within your new budget going forward.
Find out more at firstchoicefinance.co.uk, alternatively telephone 0800 298 3000 or from a mobile dial 0333 003 1505.
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