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How People In Debt Are Trapped By Payday Loans

a Why people in debt are trapped by payday loans 33% of those surveyed who got into a debt problem took out a payday loan 14% 32% 28% Bank loan Bank overdraft Credit card 33% 5% 9% 12% Payday type loan Store cards Doorstep lending Other have taken out six or more 47% payday loans in the last 12 months 2.1% £101 to £150 £100 or less 3. 2.6% 19.7% £151 to £200 3.8% £501 or more £201 to £250 Over half owe more than $500 to their payday loan lenders 56.2% 4.3% • £251 to £300 3.4% £301 to £400 7.7% • £401 to £500 61% have taken out more than one payday loan at the same time % | -å What the money was used for... P. 86% 29% 24% 1% 3% 5% 16% 17% Essentials including food & paying bills Pay off other loans Fuel Plumbing repairs Christmas Luxuries Childcare, clothes House maintenance Note: Respondents were able to choose more than 1 option 69% don't know the rate of interest ? their payday loan 1737% 2957% 3043% 4214% lendingstream.co.uk Paydayloans.org.uk Imonthloan.co.uk Wonga.com Representative APR from supplier websites on 19/01/2012 Source: Poll of 707 people conducted by Payplan during January 2012 on behalf of ITV Tonight itv 11 payplan your debt needs TONIGHT Payplan helping people with debt problems since 1993. Visit www.payplan.com or call 0800 294 5205

How People In Debt Are Trapped By Payday Loans

shared by justinbutcher on Jan 30
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Showing some shocking stats on what people spend payday loans money on, as well as other fascinating data.

Publisher

Payplan.com

Category

Economy
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