The number of Brits turning to payday loans as a form of debt relief has increased.
According to a new report by Consumer Focus, the number of people opting for such loans for support has risen four-fold since 2006.
The organisation suggests that there will be almost a 50 per cent increase in the number of consumers signing up for payday loans within the next few years.
Financial services specialist at Consumer Focus, Marie Burton, warned of the move.
She said: “such expensive rates can leave consumers who defer payments or take out repeat loans coughed in a debt trap.”
Lawn services
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