Tag Archives: uk debt

UK Workforce Turning To Payday Loans, According to Unite

UK Workforce Turning To Payday Loans, According to UniteAccording to research undertaken by Unite increasing numbers of workers are turning to payday loans since their wages run out before month-end.

According to the report London-based workers are thought to borrow the large majority of payday loans for housing.

The report suggested that two fifths of workers who take out these short term loans use the money for a variety of things – including rent / mortgage, food and utility bills.

This raises concerns that if consumers are unable to meet the cost of living through wages it’s unlikely that they will be able to repay the payday loan effectively.

It should be noted that the ridiculously high APR attached to payday loans is not an accurate measurement of the interest repaid as it’s over a yearly period. However, whilst this may be the case it’s also worth bearing in mind that, if constantly deferred over a number of months, the levels of interest mounts up – leading to spiralling debt problems.

Whilst payday loans are clearly useful if you need a quick solution to help pay emergency bills they should only be used as a last resort or if you’re absolutely sure that you can meet repayments on your next payday. Otherwise it may be worth simply calling the company you owe money to to arrange a repayment plan. Whilst this may not appeal it is a safer way of controlling your debt than turning to a short term solution.

If you do need a quick solution then compare payday loans with Creditwindow.

British Gambling On The Increase

British Gambling On The Increase

British Gambling On The Increase, potentially leading to growing personal debt

With the failing British economy, the number of people turning to gambling has seen a major increase over the last year or so.

A recent report by the Gambling Commission has revealed that almost 75% of the adult population of the UK has partaken in some form of gambling in the past year.

The survey revealed that:

  • 59% of adults bought National Lottery Tickets over 2010
  • 14% of adults used the internet to gamble over 2010
  • 81% of adults gambled “in person”

Most worryingly, the British Gambling Prevalence report, showed that the number of “problem gamblers” stands at around 451,000. These people could be putting themselves at risk of falling into debt through overspending and turning to credit cards, payday loans and overdrafts to feed their gambling problem.

The Chairman of the Responsible Gambling Strategy Board’s research panel, Professor David Miers, commented:

“Any rate of problem gambling and risk of exposure is both a political and public health concern, and highlights the continuing need for targeted research, education, prevention and treatment.”

Professor Miers went on to add that the national survey of gambling “is welcome because it will be a useful tool in understanding who gambles and how they gamble.” He suggested that the survey will be useful in helping to consider new ways of preventing consumers being affected by gambling problems, including the risk of debt and personal insolvency.

If you or your family have become affected by mounting debt then it’s worth checking out our range of debt management guides and debt consolidation programmes designed to help manage your debt effectively.

For more information about gambling related problems please visit http://www.rgsb.org.uk/ or http://www.gamcare.org.uk/ for help and guidance.

Image: dan / FreeDigitalPhotos.net