Payday Loans Cause Trouble

paymentdueThe UK is seeing a massive rise in problems with payday loans. High interest rates and borrowers who are desperate is a bad combination.
I’ve previously encouraged people to avoid these types of loans at almost any cost. (http://www.cheapchecks.org/blog/how-to-avoid-a-payday-loan/)

People are also taking out another loan to pay try and pay towards a current loan. Bad news. The UK Office of Fair Trading is trying to clean up the industry, but with major profits to be made it is a difficult task.

http://www.guardian.co.uk/money/2013/jul/11/rise-payday-loan-borrowers-help-stepchange

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