Survey reveals reasons why short term loans come in handy

A surprising revelation from an unexpected source helps to illustrate why so many people are turning to sources of easily available credit like short term loans to get by from one day to the next.

The study is quite alarming reading for anybody who thought that people were taking out loans for trivial things like holidays, pets or weddings.

The study was published by an energy saving website called Find Energy Savings and shows that a quarter of people in their thirties – a prime time for full employment – have had to make a choice between turning on their central heating or buying food at least once recently.

Easy cash loans like short term loans have often been criticised for the fact that they are too easy to get and should be restricted to people who can definitely pay them back. This may very well be true, but one might ask how some people are going to pay their heating bills on time when they desperately need the cash at the right time?

The survey is rather surprising as it reveals that it is certainly not just the elderly that often has to make a choice between heating and eating.

The survey also showed that nearly twenty per cent of people in their twenties had to borrow money or get a short term loan to pay for energy bills.

Nearly half the surveyed population said that they had to turn off their central heating during the day time as it was simply too expensive to leave it on.

Not so good news for future green energy developments was the fact that nearly half of the people surveyed would not be prepared to pay out extra money for energy produced by alternative means like wind or tide.

Also, eighty percent of people said that the government should reduce the tax on energy costs and put more on to tobacco and alcohol to pay for it.

Justin Elliott, the CEO of the energy website, said that it was very disturbing to find out that so many younger people could not really afford to pay for their heating bills and, in particular, that some of these young people were getting into serious debt when their only recourse was to borrow short term loans at very high interest rates.

© 2017 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright rules.

What do you think?

Please note that email addresses are not visible on approved comments.