Friday, June 23, 2006

It can be understandable why students may need payday loans. They leave school with graduate debt and little income.

However, it's most distrubing that the levels of debt among sixty-somethings rose sharply in Great Britain last year, according to a report published this week by a leading debt charity.

The average sum of money owed by over-60's who contacted the Consumer Credit Counselling Service (CCCS) for help rose by 25 per cent to 33,568 pounds. Some of these individuals suffered from payday loan use — while others could actually benefit from such cash advances.

On average, people who undertook a CCCS debt management plan - under which interest on debt is frozen in exchange for a set amount being repaid each month - owed an average of 30,763 pounds during 2005, up from 29,340 pounds in previous years.

Cases of extreme debt have also worsened. Applications for no fax payday loans may soon be on the rise. Stuart Glendinning, Managing Director of www.moneysupermarket.com, a price comparison website, said:

"It’s no surprise that debt levels are rising and that increasing numbers of people are getting into difficulty, but it is disheartening to discover that it is the older age groups whose debt is rising the fastest. This report is a fresh reminder that debt crisis is becoming more and more of an issue."

It may be time to at least consider bad credit payday loans in order to deal with various problems.

This entry was posted on Friday, June 23rd, 2006 at 12:55 pm and is filed under Consumer Debt.