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Many Brits to risk loan charges this Christmas through payday lenders

Almost one in ten Brits will use payday lenders to help them pay for the festive period, according to a new report.

R3, the insolvency trade body, found that eight per cent of Brits will use payday loans to cover the cost of Christmas, which equates to around four million people potentially suffering financially due to high interest loan charges.

Meanwhile, debt charity StepChange said it expects to deal with 30,000 more people with debt problems related to payday lenders before the end of the year. This is double the 17,414 people who had similar problems in 2011.

"A significant proportion of these individuals will not be able to pay off the loan in time - meaning they will need to take out another one or roll it over and could end up facing high penalty charges," said Louise Brittain, R3 council member.

She urges those who are considering taking out a loan to think again about how much they need the presents, partying or luxury food.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801500884-ADNFCR

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