The Debt trap: Breaking clear of the cycle of payday advances

A report by the middle for Responsible Lending indicated that 76 per cent of payday advances had been taken inside a fortnight of another cash advance — which means that three-fourths of this loans had been from individuals when you look at the cash advance debt period.

For Evans, banning loans that are payday end up like banning charge cards because many people don’t use them responsibly. The real question is not merely one of banning, but of individual freedom and responsibility. The thing is perhaps maybe perhaps not unique to payday advances.

Evans states loans that are payday section of a continuum of various debt services and products — which range from 30-year mortgages to installment loans for furniture. You can find charge cards, revolving credit, pay day loans, name loans, pay day loans and so on. Read more ›

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