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Feature “Millions of desperate consumers turning to Payday loans” – R3

Wednesday, 07 December 2011

R3: '3.5 million reach for payday loans as ‘zombie’ debtor numbers rise As nearly half the population struggle to make it to ‘payday’, a payday loan will become a reality for many. New research by insolvency trade body R3 reveals that 3.5 million adults are considering taking out a payday loan over the next six months. R3’s research also shows that of those sampled, 48% believed the Payday loan made their financial situation worse with 60 % regretting their decision to take one out. Only 13% felt their loan had a positive impact on their finances. Back in 2009, after calls from the debt counselling industry, the OFT reviewed high cost borrowing on Payday loans but felt there was no need to cap the high costs or regulate this industry. The OFT warned that imposing formal price controls would not only be complex and difficult but might be against the interests of potential borrowers. It said that some lenders might restrict their lending or stop it altogether or...

Continue on reading “Millions of desperate consumers turning to Payday loans” – R3

Politics and Economy

Top five key unemployment figures September - November 2011

Wednesday, 18/01/2012
Top five key unemployment figures September - November 2011

A list of the top five key unemployment figures such as jobs, vacancies, 18 - 24 years group and ...

As inflation falls we explain how this affects your spending power and wage negotiations.

Tuesday, 13/12/2011
As inflation falls we explain how this affects your spending power and wage negotiations.

With the UK inflation rate falling we explain why and the difference between CPI and RPI. We also detail what impact both measures have on consumers.

Banks and Regulation

Why you must never reply 'stop' to a spam text message

Monday, 30/01/2012
Why you must never reply 'stop' to a spam text message

Firms face raids and fines of up to £500,000 for sending unsolicited text messages

Changes to Credit Union rule will benefit consumers

Monday, 09/01/2012
Changes to Credit Union rule will benefit consumers

News rules for Credit Unions will make it easier to join and pay interest on savings.

Consumer Issues

Consumer bankruptcies down 28% 'due to high petition fees'

Friday, 03/02/2012
Consumer bankruptcies down 28% 'due to high petition fees'

Consumer bankruptcy numbers down 'due to high cost of the fees' says DebtWizard

UK Debt Statistics - Feb 2012

Thursday, 02/02/2012
UK Debt Statistics - Feb 2012

The latest debt numbers covering consumer insolvencies, credit card debt, CAB debt cases and ....

DW News

SunTalk

Thursday, 26/03/2009
SunTalk

Mike Thomas is to feature on The Sun's new online radio station, Sun Talk on Friday 1st May 2009.

Rapid Debt Help Form

For no nonsense advice just submit the short form and Mike or one of his team will get back to you.

The Big List of News

If you're looking for older news from DebtWizard try searching above or viewing The Big List of News!

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The Author: Mike Thomas aka the 'DebtWizard'

Mike Thomas aka the 'DebtWizard' helps individuals overcome their debt problems.

Mike writes all the articles found on this site.

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