Brits Take Out High Interest Loans to Keep Afloat

Feb. 21, 2012 - PRLog -- Though many have expected debt levels to slow down or plateaux, they have continued to increase. More Brits begin to struggle which means that lenders give out more high interest short term loans. These loans can have interest of up to 5000%, which means that they will be concentrate on paying back debts like these instead of bills etc.
Brits finding they financially struggling is due yet again, to an increase in unemployment. Instead of one high interest payday loan, Brits seems to be taking out two or three just to see them through.

Using these loans for basic household expenses means that they will find it hard to break out of this major debt problem, 1 in 5 pensioners also retire with debt now, which shoes the severity of this issue.

Sam Sinton, the founder of http://www.comparelogbookloans.co.uk  said, "It's a sad state of affairs, but the truth is that without other types of credit available people will be forced to take high interest loans to cover any shortfalls in their living expenses"

“As unemployment is on the rise, it’s becoming essential to offer Brits a options in regards to credit, this could make a big difference in the level of debt in Britain at the moment.”

Also, around £1 million Brits (1 in 7) are continuously trying to get credit to keep a roof over their heads. This desperation is unsustainable and could cause many Brits to be evicted, have their homes repossessed (even though repossessions are the lowest since 2007) and even become homeless.
The key is that Brits needs to act early, many things can be put in place before the consequences are dire.

Compare Logbook Loans, an independent financial comparison website is the only site In the UK dedicated entirely to logbook loans and endeavours to be the authority site for the industry.