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'More people' incurring payday loan charges

There appears to have been an increase in the number of Brits incurring payday loan charges, statements from an expert have indicated.

MoneyMagpie.com founder Jasmine Birtles said her organisation has witnessed an "explosion" in the use of this form of credit.

Many people assume banks will refuse to give them any cash and turn to payday lenders without examining other funding options, she declared.

The specialist noted some individuals appear to have become more sensible with money and are managing their finances better than they used to.

However, others are using credit card charges to pay for utility bills, food and housing costs.

This is a "big worry for the government", with men and women taking out payday loans "having big problems", Ms Birtles remarked.

She added: "Nobody with any sense, who is in any way managing their money properly, would bother with a payday loan."

Debt Support Trust director Stuart Carmichael recently claimed parliament should legislate to deal with the problems posed by this form of finance.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-801336408-ADNFCR



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