MSE News: Payday loan debt problems soar

Former_MSE_Paloma

The number of people struggling to cope with payday loan debts has risen by more than 13,000 in the past year...

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Payday loan debt problems soar




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hanlou007

no problem with payday loans.........if you use them right then they are not an issue - as per usual its the people who use them wrong that have the problems

[Deleted User]

Never thought it possible it's a Scapegoat, I also don't know if it is as bad as made out.. if you ask me for the failure of other services is what lead to this, perhaps I'm not well versed on where to go for 'official' help but I'm not exactly not motivated to help myself, but of course there are people who are :sad::o

sourcrates

The difficulty with this type of borrowing is that its all too easy to obtain more than one loan at a time, from multiple lenders, yes, certain lenders have changed there approval criteria now, but some still have not.
People who are desperate for funds, for whatever reason, don't always give a thought to how they will repay the loans, and that's when the problems begin.
The real problem lies with the need to borrow in the first place, be it low wages, benefit cuts, short hours at work, or just advice on better money management, its the underlying cause that needs to be addressed.
People may say you should not borrow what you cant afford to pay back, some may have the strength of character to do this, lots have not, sometimes the choice is between eating or not eating, peoples reasons for borrowing from these lenders are many and varied.