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Loan charges: Swansea Council warns residents about payday loans

Swansea Council is warning those in its constituency not to take out expensive payday loans when trying to afford the expenses of the festive season, according to a report by the South Wales Evening Post.

Many families will find themselves in debt after the Christmas period, but using high interest payday loans to cover this is not advisable, the local authority warned, as they can result in very expensive loan charges.

Instead, it suggests people seek out advice or use a Credit Union that offer much more reasonable terms.

"That's why the council is urging families with debt problems to act as quickly as possible and get support to help deal with the issue," council leader David Phillips told the South Wales Evening Post.

"The council has set up a Debt Panic Button with its partners, which is packed with free information on boosting income, reducing costs and managing debt."

Leading debt charity StepChange expected that the number of people going to the organisation for help was to double over Christmas.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.


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