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Credit card charges: Payday loans 'simply defers the inevitable'

People who are experiencing credit card charges should avoid looking to payday loans as a means of finance, as doing so is just putting off "the inevitable".

According to David Rodger, managing director of the Debt Advice Foundation, payday loans are being used by people on low incomes in particular.

He said: " The main concern right now is that low income households are easing their financial burdens by accessing short-term credit such as payday and doorstep loans, which are particularly prevalent in low income areas.

"Unfortunately in many cases borrowing simply defers the inevitable and increases the total amount owed plus mounting interest."

Mr Rodger added that many people on low incomes are turning to payday loans because they are denied access to finance by high street banks.

He suggested people struggling with unsecured debt should seek out help from a debt charity so they can restructure their repayments.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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