Payday loans
Every day on ITV there are advertisements for short term loans, borrow now, -pay later. The temptation is there to borrow. The loan is only for a short time and could be for a present, the purchase of clothes or to pay off a bill. Some appeal to a specific group, for example WONGA appeals to older people, others concentrate on young mothers who may be under pressure to supply clothing for their children.
What people do not take into account is the amount that has to be paid back. The small print of “only a small payment” adds up to a substantial sum over the ensuing weeks. It is cheaper to borrow on an overdraft (if possible), better not to borrow at all.
Brian White
PS Are you struggling with debt or having money worries?
Call freephone helpline 0800 027 4995 mon-fri 8am-8pm or go to www.cccs.co.uk. for free, confidential and impartial advice
or
or Christians Against Poverty (Welling) tel 0208 306 3967