Financial obligation issues with high expense credit items in the increase as cash advance dilemmas fall

Financial obligation issues with high expense credit items in the increase as cash advance dilemmas fall

A lot more people are experiencing debts for guarantor loans and lease to possess credit services and products, people guidance reveals today.

The charity states there’s been a change within the high price credit market whilst the number of individuals looking for assistance for difficulties with these sub-prime services and products has increased by 16per cent during the last 12 months (from 1,962 between April and June 2015 to 2,272 in identical duration this season), even though the amount of people with pay day loan financial obligation dilemmas has reduced.

Throughout the last one year people guidance aided 7,500 individuals with lease your can purchase financial obligation issues, 1,100 with guarantor financial obligation issues and 460 with logbook loan dilemmas.

Considering that the introduction of the price-cap on payday financing in 2015, the number of people coming to Citizens Advice for help with payday loan debts has fallen by more than a half (53%) january.

The limit means you won’t pay back more than twice the amount you originally borrowed if you take out a payday loan. Continue reading “Financial obligation issues with high expense credit items in the increase as cash advance dilemmas fall”