As Payday Loans Sky Rocket During the Recession Debt Line Offers a Way Out

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• Publié par: debt-line
• Nombre de lectures: 34
• Langue: English

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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.