Payday loan debt increases by 50 per cent in Bradford

Disreputable payday advance lenders may be targeting Bradford after reports have emerged that the amount of instant cash loan debt has increased by 50 per cent within the city, sources say.

The news comes on the heels of a new Government investigation into the behaviour of these unethical providers of short term loans, many of which stand accused of preying upon individuals that are already suffering from unmanageable debt such as jobseekers and the unemployed.  These predatory lending practices run counter to the spirit of payday lending that is espoused by honest lenders, who encourage Brits to take out a loan only if they would not run into financial trouble in repaying it once it becomes due.

The Bradford Citizens Advice Bureau’s specialist services manager, Alex Bohdanowicz, remarked that the CAB is experiencing a sharp increase to the number of desperate Brits that are labouring under massive debt levels.  The impact payday lending is having upon people living in Bradford is quite clear, Ms Bohdanowicz added, as people need to increase the amount of cash they borrow in an effort to keep treading water.

According to official figures, debt issues have increased by 68 per cent across the country.  The UK’s CAB offices throughout the country reported 1.35 million debt issues in the 2008-2009 financial year, yet the 2010-2011 year saw 2.27 million issues reported.

Ms Bohdanowicz stated that she was gladdened to hear that the Goverment was conducting a review into lenders that are offering funds in an irresponsible manner.

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