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Bank charges: Payday loans 'could crucify your finances'

People who are concerned about bank charges and are considering turning to payday loans as a form of finance should carefully consider their decision.

This is because Justin Modray, from financial advice website, has said missed payments could "crucify" a debtor's finances.

He said: "Payday lenders are little more than loan sharks in disguise. Provided you repay the loan within a month then payday loans can work as an absolute last resort, but use them to borrow beyond this and the interest will likely crucify your finances and spiral your debt out of control."

Mr Modray added that he is concerned about how easy payday loans are to access as it promotes "irresponsible borrowing".

His comments follow the release of R3's Personal Debt Snapshot, which revealed half of individuals are worried about their debts.

Findings showed that there has been a seven per cent rise in debt concern compared to last year.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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