The amount of installment loans has increased significantly in Great Britain over the last month or so. This trend has grown sharply since the May Day Financial institution Holiday. The demand has seen about a 58 percent increase since the same period in April.
Prices go up even more
Several financial experts believe this boost in payday loans in Great Britain is a significant indicator of the direction of the country’s troubled economy. There was an increase in 54 pounds, about $87, is the average amount a family in Great Britain spends every week to live. Moneysupermarket.com explains this change occurred in just the last six months.
Wages stay stagnant
Working individuals are struggling harder than ever to stay on top of their finances as costs continue to grow and wages continue to stagnate. A Scottish Widows report explained that it would be bad for a lot of people if their primary source of income were to end. It would be bad for about 8.5 million households. If the income was lost, only 25 percent of people said they would be financial stable still.
The Consumer Protection Report from Scottish Widows also reported that nearly half of the country’s families with kids are reliant upon two salaries.
Payday loans an economic barometer
Tim Moss, who’s the head of loans and debt for the Moneysupermarket.com site, claims: “These goods act as a barometer, giving a unique insight to the state of the nation’s finances.” He then says, “It’s no surprise to see the demand for payday loans rise so sharply in the current climate.”
Paying for installment loans or overdrafts
According to Moss, these loans, despite their critics, are generally better than overdraft fee penalties.
Decisions should be weighed carefully
When applying for a pay day loan, make sure you are very careful and think about the decision. Payday loans can be expensive if they are not paid back on time, and payday loan terms generally only last a few weeks.
Citations
My Finances
myfinances.co.uk/loans-and-credit/2011/05/17/payday-loans-rise-in-popularity-after-bank-holiday-spending
Payday Bank
paydaybank.co.uk/news/
Yorkshire Post
yorkshirepost.co.uk/business/business-news/demand_for_payday_loans_on_the_rise_1_3403086
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