Payday lending is constantly rising, leaving people in ongoing cycles of debt
According the Financial Conduct Authority, in the year up until June over 5.4 million payday loans were taken, in comparison to 4.6 million in the previous year. This was 0.8 million more than the previous year. As well as this, the amount that people have borrowed has risen between July 2016 and June 2017 from 1.1 billion to 1.3 billion. The Financial Conduct Authority have
Read MoreConsumers borrow £1.3 billion in short-term loans and repay more than £2 billion back
This week, the Financial Conduct Authority (FCA) have published the resulting insights and trends of their research into 2017-2018’s “high-cost short-term credit market”. Although the results are nothing as large as the lending volumes of 2013, they do however show a significant increase in the volume of such loans since 2016, with Press Association Personal Finance Correspondent Vicky Shaw stating that “For the year July 1 2017 to June 30
Read MoreThe average UK household debt is now at a record £15,400
Britain’s household debt mountain has reached a new record high, with UK homes now owning an average of £15,385 to places such as credit card firms, banks and other lenders, according to figures released by the TUC. The trade union body has stated that household debt had risen sharply in 2018 as years of austerity and wage stagnation forced households to increase their borrowing. The TUC said in its annual
Read MoreChristmas Shopping on ‘Super Saturday’ is likely to beat ‘Black Friday’ in 2018
Many people wait until the weekend before Christmas to do most of their Christmas shopping. This may be down to convenience of finally being off work for a few days or weeks, or it may be down to disorganisation. Whatever the reason, this coming Saturday (22nd of December) is set to be the biggest spending day of the year, even outdoing Black Friday which is famously the biggest day for
Read MoreDoes a guarantor have any rights?
If you become a guarantor you might think that you are signing your life away - and you may be wondering if you have any rights. The answer is yes and no. For starters, being a guarantor means that you have an obligation to cover any payments that are not made by the main beneficiary. So if you have agreed to co-sign a loan agreement with a family member or
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