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As Payday Loans Sky Rocket During the
Recession Debt Line Offers a Way Out
PR Newswire
BOURNEMOUTH, England, July 26, 2012
BOURNEMOUTH, England
,
July 26, 2012
/PRNewswire/ --
Every month Debt Line helps close to 20,000 people with the debt
management of payday loans
The number of payday loans - short-term, high interest loans - has increased
exponentially since the start of the recession. Since 2009 the number of people
approaching debt advice charity the Consumer Credit Counselling Service in
regards to payday loans has increased six fold. Last year alone the number of
people requesting payday loan advice from CCCS jumped by almost 10,000
from 7,841 in 2010 to 17,414 in 2011.
Payday loans are having a disproportionate affect on the poor and families on
low incomes. They are the only way out for many individuals that lack collateral
such as a home with which to secure a bank or building society loan but need
cash to tide them over until payday.
Payday loans incur exorbitantly high interest rates - some are up to 4,000% per
annum. These interest rates are unsustainable and along with poor customer
service and a system which does all but encourage people to get into more
debt and thus pay these huge levels of interest, many people fall through the
cracks and fall foul of payday loan creditors.
Debt Line is a cost effective debt management service that offers a way out. Its
main aim is to get people out of debt as quickly as possible. Its first step is to
consolidate debt into one affordable monthly payment. It creates a debt
management plan for each of its clients and an online account to help people
manage their debts 24/7. Additionally, Debt Line deals with rude, pushy and
hassling payday creditors on behalf of its clients. Its staff has years of
experience dealing with creditors.
Debt Line does charge a fee, but unlike payday loan creditors, it is open and
forthcoming with information over fees and charges. It has its clients' best
interests at heart, so it's no wonder it helps close to 20,000 debtors every
month.
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