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A rising number of people are turning to pay day loans with high interest rates and short repayment terms.
Recently published figures have revealed that over 300,000 people owe money to the home credit market where the interest rates can reach as high as 10,000% APR.
BHT’s debt advice workers have reported a steady increase in the number of people accessing their debt advice services with concerns about pay day loans.
For more information or to make a debt advice appointment please call 01273 234737
The number of people turning to us for advice on these types of loans has increased over recent years. Borrowing from traditional lenders, banks and credit card companies has become more difficult and as a result people are forced to borrow money from other means.
Pay day loans with extraordinarily high rates of interest can see customers spiral into debt when they do not meet their repayments. It is very easy to loose control and the effects can be disastrous.
Danny Murphy, BHT Debt Advisor
I would strongly advise people to avoid these types of loans.
If you are worried about your finances then please come and see one of our debt advisers as soon as possible.
All our advice is free and confidential.
John Holmström, BHT Assistant Chief Executive