WGPlus (Archive)

For some, Debt becomes a ‘Black Hole’ sucking in all income

With 1 in 4 people coming to Citizens Advice with a debt problem, the charity highlights the financial struggles families are facing.  CAB Chief Executive Gillian Guy said:  “Payday lenders have set a debt-trap for struggling households.   In the battle to make ends meet people are turning to short-term loans just to get by.   A lack of checks, high interest rates and fees means what is supposed to be a quick fix turns into a long term nightmare.

“It’s not just payday lenders that are preying on the worst off.  Citizens Advice expects up to 60,000 log book loans to be taken out this year – 61% more than in 2011.  The industry brings together the worst of payday lenders and bailiffs with its threatening tactics, high interest rates and failure to check if people can afford to repay loans.

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