Payday loan users may have a 'serious' debt problem - Debt Management Today(Money Payday Loans)
The National Debtline has warned people who regularly use payday loans that they may have a serious underlying debt problem. Becky Boden Wilks, a spokesperson for the advice line, said that those who rely on payday loans are likely to be overcommitted, paying out more money than they are earning. Ms Wilks suggested that people in this situation should monitor their budget and seek advice about their debt. Consumers can end up falling into a cycle whereby they pay back the borrowed amount the following month, effectively spending their wages before they have got them and falling into a cycle. The National Debtline is a telephone service which provides advice to people with debt problems. Learn more
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