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PPI Claim News - 3/8/2011

 
Credit card charges: Payday loans 'a last resort'

To avoid encountering debt probelms, such as considerable credit card charges, payday loans should only ever be seen as a last resort.

Such is the opinion of Jason Riddle, co-founder of Save Our Savers, an affinity group which aims to protect the saver.

He said that in an ideal world, people would have money put away that they can use in the event of an emergency, however, he said that this is not the reality.

"If there is no alternative then a payday loan might be the right option. They are quick and easy to obtain; but they are extremely expensive ... so they should only be used as an absolute last resort," he said.

"Putting some cash aside might be difficult, but no harder than finding the money to repay a payday loan."

He added that using savings instead of a payday loan will save consumers "a considerable amount" of money.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
 ADNFCR-2776-ID-800683109-ADNFCR



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