Payday loans 'should be a last resort'
www.moneynews.co.uk > Debt > Payday loans 'should be a last resort'
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Payday loans 'should be a last resort'
Tue 22nd Nov 2011
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Stuart Carmichael, director of the Debt Support Trust, said the necessity for individuals who are using this form of borrowing to live is a treacherous position to be in, as the high interest rates can quickly spiral and push people into serious debt.
He commented: "[People] have to find ways to live within their means, which is a difficult thing to do - particularly in the current economic climate."
Mr Carmichael added these loans should always be paid back on time and only really taken out sparingly. It is also important that people also understand the full cost of repayment when taking out the borrowings.
His comments follow those made by Caroline Carr, hypnotherapist and life coach at Mypartnerisdepressed.com, who noted debt can lead to stress for borrowers, resulting in physical symptoms like insomnia, depression and anxiety.
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