Urged to steer clear from the perils of payday loan danger day

Appleton, WI -- (SBWire) -- 03/11/2016 --Britons have been advised to avoid the perils of payday loan danger day, which happens to be on 24th January.

While payday loans might seem like a quick and easy way out of financial difficulties, it has led many into much bigger trouble. Knowing that, financial experts and non-profit organizations had warned people against going for these loans before Christmas, during the holiday season. It's also because without a paycheck for a month to come, dealing with the fees and high interest rates could have only led to trouble for these borrowers.

Now that people have seen that season through, Coast & Country, a regeneration and housing company has urged them to keep away from the temptation of taking payday loans on 24th January. There is a good reason why this day is termed Payday Loan Danger Day. It so happens that many Britons are paid ahead of Christmas since offices are closed for two weeks. This advance pay means they have to wait till end of January for the next payday, and it can take its toll on individuals and families alike.

According to Iain Sim, Coast & Country chief, "People are struggling to keep up with the expenses given that the costs of household items, gas and electricity are increasing. After the spending during the holidays, people have to make their money last this month. It can get tricky, which is why there is a huge temptation of short term payday loans." But he believes there are smarter options in the form of credit unions or community banks.

To take this message forward, Coast & Country staffers will hit the streets and urge people not to go for these loans before getting their paychecks. They will also give out information about credit unions for their benefit. The organization has also offered simple tips to people that include talking to creditors, assess spending habits, stop borrowing, establish a budget and seek advice from experts.

The holiday season takes a toll on people's finances and they can take long to recover from it. But opting for these loans at the beginning of the year can only make matters worse.

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