Payday Blogs

Blog

January is looming and post-Christmas, the ‘Winter-blues’ are in full effect

User Rating: 0 / 5

Star InactiveStar InactiveStar InactiveStar InactiveStar Inactive
 
Worryingly, the main cause of this depressive state around January is the lack of money after spending out on Christmas; add to this the long payday gap from December to the end of January and it’s no wonder people are turning to lenders for extra support to get them through until the next payday.

Astonishingly, it’s not the minority that are struggling in January either; statistically, 45 percent of England admitted that they barely had anything left until the next payday, despite being just paid.

The recent crackdown on fraudulent lenders, the payday loan industry is now worth around £200 million; despite this, consumer credit has risen by around £38 billion since 2012, with overall household debt increasing by 0.7 percent.

Many people in the UK are considering using Payday loans as a way of funding the gap between paydays, but we urge you to consider all of your options first.
For free confidential advice, call us or contact Step change or any debt charity organisation in your area. You’d be surprised at what suggestions they have.