Our recent findings on payday loan related research and the results of not managing your finances whether they be house expenses, rent or mortgages.
Cardiff, UK -- (SBWIRE) -- 02/19/2013 -- Payday loans are quite common. According to a study, most people who have used a payday loan within the past year, used it to help pay for housing expenses, such as rent or a mortgage.
Payday Loans generally have a high interest rate. With the high interest rates, there are dangers of becoming bankrupt if they continue to use payday loans as a source of paying for their housing expenses.
Recent findings show that on average lenders such as Quick Quid and Wonga make most their profits from persons defaulting on payments, of those who take a loan approximately 24% fail to repay in full on their next payday, therefore further incurring additional charges on top of their exceptionally high APR’s.
The housing charity supplied a survey. The results showed the amount of people who have fallen behind in paying for the housing expenses. That number was 1.5 million people, and they are allowing themselves to be put at risk for being kicked out of their home, or having things taken away from them.
44 percent. That is the increase of people over the past year who could barely make their rent or mortgage payment. This battle royale of keeping 7.8 million people is a monthly chore.
Seeking a home at a shelter could be where a few families could end up. That is, only if they can avoid the strict economy that has started to crack down on the already imposing tug of living costs.
Shelter is urging anyone struggling with their housing costs to seek advice early at shelter.org.uk/housinghelp to help them get on top of their payments and stay in their home.
If you are already one of those people who are juggling many jobs and trying to pay for the rising costs for housing, it is recommended by the house charity, Shelter, that you seek help. If you are currently seeking help, talk to Shelter. They may be able to help you get your payments back on track. The earlier you can get on top of your payments, the more likely you are to stay in your house.
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Editor: Ceri Thomas
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