One financial adviser has recently spoken out against payday advance lending, stating that no one should ever use short term loans under any circumstances.
Jasmine Birtles, the founder of Money Magpie, a financial advice website, remarked that a large number of Brits have become much more sensible when it comes to their finances due to the currently cloudy economic climate. However, too many people are playing fast and loose with sources of unsecured lending such as credit cards or no credit check short term loans in order to help them make ends meet.
Ms Birtles said that the ridiculous expense of payday lending should mean anyone with a modicum of sense, or who has the desire to manage their money in a proper manner, would never resort to payday lending. Those who have decided to take out such loans in order to help pay their everyday bills are in deep trouble, the financial adviser added.
It can be incredibly hard for many people to seek help in a situation where they are drowning under debt incurred by expensive unsecured lending, as feelings of shame can often be as overwhelming as the debt itself, other experts say. However, these same experts insist that there is no shame in needing help in such a situation, and the number of debt advice charities currently helping Brits across the UK only reinforces this fact.
Experts say that if you are avoiding taking out payday lending, continue to do so, and if you need access to finance but have been turned down by High Street lenders, consider approaching your local credit union instead, as credit unions offer much more affordable credit.