Consumer Credit Counselling Service of the UK is reporting they are seeing more people with multiple payday loans who are contacting them for help.
So far in 2012 they say about 2,000 clients have contacted them with five or more payday loans. The numbers got higher, 173 had ten or more as compared to 42 in 2009.
With purse strings getting tighter it’s no surprise payday loans look like an attractive and easy place to get money to deal with a financial crisis.
Delroy Corinaldi, CCCS external affairs director, said: “Payday loans are not the cheapest form of credit, but some people find them useful and are able to repay what they owe at the end of the month. However, multiple payday loans can very quickly become unmanageable.
“Measures must be put in place to ensure more people don’t find themselves in this situation, and the CCCS calls on the payday loan industry to address this issue urgently.”