Debt Industry Opinion – Payday Loans and Debt

by Nazma Noor on August 16th, 2010

The number of people taking out payday loans has increased and the latest research by Consumer Focus suggests that 1.2 million people in the UK are now taking out a payday loan every year.

With interests rates often as high as 2500% a year, payday loans and the debt problems they can lead to is something that is being discussed in the media very heavily at the moment.

ClearDebt’s Marketing Director, Andrew Smith tells us in less than 60 seconds, about this type of loan:

If you’re struggling with debts because of a payday loan, or any other type of debt, why not see if ClearDebt can offer you a solution? Take the ClearDebt online debt analyser now by clicking below, or speak to one of our debt advice experts on 0800 019 2095

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[...] This post was mentioned on Twitter by ClearDebt and ClearDebt, ClearDebt. ClearDebt said: ClearDebt's Andrew Smith talks about payday loans and debt, listen to the audioblog here: http://bit.ly/9oGmSn ^NN [...]
http://www.cleardebt.co.uk/blog/iva-clients-and-payday-loans-worse-than-a-last-resort_34362 IVA clients and Payday loans – worse than a last resort? | Much more than debt, IVA and personal finance from ClearDebt.

[...] are links to some of our previous blogs on payday loans: – Debt Industry Opinion – Payday loans and debt – Should interest rates be [...]
Karenwycombe

I was looking for somewhere to post an opinion about these type of loans. Sadly no one seems to have started a campaign against them. The government should ban them. This is one thing government actually can do as opposed to the strange behaviour of asking “how high?” when the bankers tell them to jump. I don’t know what the function of government is any more. It certainly doesn’t seem to be to help and protect the great unwashed any more. It seems to help those who want to take huge bonuses and go play golf.
Karen Wycombe