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Payday loan bank charges lead to growing debt problems

Bank charges resulting from high interest payday loans are causing debt problems to grow, according to a new report.

The Citizens Advice Bureau (CAB) found that there has been a ten-fold increase in individuals who are seeking help for multiple debts that include payday loans in the last four years.

In the first quarter of 2009/10, just one per cent had a debt problem due to payday loans. In the corresponding quarter this year it had grown to ten per cent.

"Quick cash payouts can have damaging long-term consequences," said CAB chief executive Gillian Guy.

"Citizens Advice Bureaux up and down the country are seeing people who are already in long-term financial difficulty and are using payday loans as a desperate way to try to stay afloat."

The CAB is trying to get payday loan customers to "name and shame" the company they used if they have not been keeping to their self-regulating charter.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801494731-ADNFCR

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