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Cumbrian couple face 19,400% payday loan charges

A couple in their 40s from Cumbria who took out a payday loan have had to endure 19,400 per cent loan charges, according to a report by the News and Star.

The pair have one child and have worked all their lives. The wife was, however, diagnosed with cancer, leaving her unable to work. They took out a five-day payday loan to "tide them over" a difficult period, but were unable to pay it back and an interest rate of 19,400 per cent means they now owe £4,000.

Details were released by the Citizens Advice Bureau (CAB) for Carlise and Eden, which also explained how a man with a £35,000 salary racked up four payday loans and now has a £3,000 debt.

"We strongly urge anyone experiencing difficulties with a payday loan or thinking of taking one out to visit the bureau and get advice about alternatives," Andy Auld, manager of the Carlisle and Eden District CAB told the newspaper.

The debt charity StepChange has said that some 30,000 people have used payday loans in the last year, which has grown significantly since three years ago.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801510249-ADNFCR

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