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Loan charges: Payday loan pleas for help double

The number of people the are requesting help with payday loans has doubled.

Figures from the debt charity StepChange show that it helped 36,413 people with payday loan debts in 2012, which is an increase on the previous year when it helped around 20,000 people.

It also found that the average debt of people asking them for help had risen to £1,657 from £1,267.

Director of external affairs at StepChange, Delroy Cornaldi, explained that payday lenders were causing serious problems for consumers, but that they were running out of alternatives.

He said: “With household finances increasingly under extreme pressure and access to credit far less available, many face the unenviable choice of using payday loans simply to make ends meet.”

Recently, the Financial Conduct Authority, the new financial regulator for consumers, has been investigating the practices of particular payday loan lenders to see if they are adding to the problem of their customers’ mounting debts.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801582528-ADNFCR

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