Wednesday, 4 January 2012

PAYDAY LOANS USED FOR HOUSING COSTS IN TORY DICKENSIAN BRITAIN

In the new Tory Dickensian Britain, almost one million people have taken out a payday loan to help pay their rent or mortgage in the last 12 months, according to a new Shelter survey.

The survey also reveals that almost seven million people in total are relying on credit in some form to help pay their housing costs, using payday loans, unauthorised overdrafts, other loans or credit cards.

These results show the spiral of debt that people are falling into in order to keep a roof over their head.

Shelter is warning that the New Year could bring with it a risk of homelessness for people who are struggling with their housing costs.

They are urging anyone worried about their debts to seek early debt advice as their New Year’s resolution.

Campbell Robb, Shelter’s Chief Executive said: "These shocking findings show the extent to which millions of households across the country are desperately struggling to keep their home.

"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.”

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