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One Million People use Payday Loans to Cover Housing Costs

January 05, 2012

Housing charity Shelter has revealed that approximately 7 million people in the UK rely on some form of credit to cover the cost of their mortgage or rent. A staggering 1 million of these people use pay day loans.

The chief executive of Shelter, Campbell Robb said that “Turning to short-term payday loans to help pay for the cost of housing is totally unsustainable. It can quickly lead to debts snowballing out of control and can lead to eviction or repossession and ultimately homelessness”.

Payday loan companies have previously come under fire because of their high interest rates and their tendency to lend money to those who may struggle to pay them back.

If you are struggling with payday loans or other debts, you should speak to The Debt Advisor today.

There is a great rescue culture in the UK and there are a range of possible debt solutions that could be right for you. If you find yourself struggling with debt, you should consider speaking to a professional advisor who can help assess your situation. Call The Debt Advisor today on 0800 085 1825 to discuss your options.

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