One Million Turn to Payday Loans to Make Ends Meet
New research has revealed that 1.2 million people every year are taking out a payday loan in order to cope with their financial commitments.
According to watchdog Consumer Focus, the number of people taking out these small, short-term loans, which are designed to tide you over until your next pay packet, has quadrupled since 1996, despite the fact that some companies charge interest rates of more than 2,500% a year.
In light of these findings, catalogue company Kleeneze is reminding cash-strapped Britons that there is an alternative to resorting to high cost ‘quick fix’ debt solutions like these.
Jamie Stewart, managing director of Kleeneze, said: “While they can seem a convenient and efficient way to get hold of some extra cash, payday loans can in fact turn out to be a costly solution to short term cash flow problems.
“Due to the extremely high interest rates, your debt can quickly spiral out of control and lead to further financial problems.”
Many Kleeneze distributors use their business to earn extra money and avoid having to resort to solutions like payday loans.
Jamie continued: “The flexibility attached to working with Kleeneze means that, if you know you have extra expenses coming up, you can spend more time working on your business to increase your income.
“It also means you can build up your savings in your spare time in order to avoid financial problems in the long term.”
To find out more about becoming a Kleeneze distributor, call 0844 848 5000 or visit www.kleeneze.co.uk
ENDS – October 2010
- Contact Information
- Kirsty Hall
- Press Contact
- Kleeneze UK Limited
- Contact via E-mail
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