Instant money loans: Payday loan firms are ruining lives

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Comments 6 Share what you think. Search All Articles Share prices. What you need to know about global funds - and finding the world's best places to invest When is a good time to start investing - and how can you cut the risks? International Biotechnology Trust manager. Do you know how your pension is invested? Other firms have set up glamorous websites that target young women, giving the impression that taking the loan is socially acceptable.

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The temptation is that this may not seem such a large amount over a short period. In just one month the amount you owe the company would have more than doubled. Other statistics from insolvency industry tradebody R3 estimate that two million women plan to take out payday loans over the next six months — 25 per cent more than the number of men.

They claim they are not as expensive as their interest charges suggest because their loans are meant to be taken out over the short term — so it is not fair to calculate their interest on an annual basis.

Many lenders will hit you with large fees if you need extra time to pay back your loan. MP Stella Creasy has warned of the troubles for women taking out quick-fix loans. Labour MP and anti-debt campaigner Stella Creasy says young, working women are often the perfect prey for these firms.

They are targeting a particular group of young women who are great customers for them because they are financially vulnerable. Last year, a report from accountancy firm RSM Tenon showed that many women were drowning in debt, making up a record-breaking 49 per cent of all insolvencies last year. All too often it falls to family members to step in and rescue young relatives whose loans spiral out of control. A year-old Mail reader, who wished to remain anonymous, so worried is he of the stigma of debt, says he had no idea of what a payday loan was until a few weeks ago.

But he learned a cruel lesson after a late-night call from his year-old granddaughter, Charlotte, a care assistant. The reader, who lives in Manchester, says Charlotte had no idea how many loans she had taken out or how much she owed. Estelle Girard-Bellamlih, 35, says her social life ground to a halt as she battled to pay back payday-loan debt. Mrs Girard-Bellamlih, who is French but has been living in London for 12 years, has been forced to work seven days a week for months to pay back her borrowing.

The care assistant took out a series of high-interest loans to pay her rent, when she found herself short of cash after starting a new job on a lower salary. But I was very worried when I found I had to extend it and found it had increased so dramatically. Payday firms in the USA have limitations set by the government. By contrast there are far tighter regulations in other countries.

No such regulation exists in the UK, which may explain why it is being targeted by so many lenders. Miss Creasy is calling on the Government to tighten up the rules around these firms. She also wants the Government to promote other cheaper forms of borrowing, such as Credit Unions, for those who cannot get cash from their banks.

Just how many more young women need to be pushed into debt before the Government takes action? The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.

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How women are being seduced into debt by payday parasites: Share this article Share. Share or comment on this article: Payday loan firms are ruining lives e-mail. Most watched News videos Palestinian teenager stabs Israeli man to death at West Bank mall North Carolina residents face severe flooding from Florence Fearless year-old customer helps fight off armed robbers David Budd put on indefinite leave and has his arms confiscated Charlotte Teeling and Richard Bailey kiss inside a supermarket CCTV footage shows Charlotte Teeling dancing alone hours before she died Joe Biden says he regrets not speaking up against Trump Shocking moment woman is savaged by Staffordshire bull terrier Masked gang throw rider off bike and repeatedly stomp on his head Dramatic moment wedding is hit by typhoon in the Philippines Police cordoned Prezzo branch in Salisbury after 'couple fell ill' Richard Bailey uses Teeling's card to get food after he killed her.

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By consolidating you may be able to get a lower interest rate or you may be more organized with just one payment to be made each month. To consolidate the debts you have, consider debt consolidation loans. You can get these loans as personal loans unsecured or as secured loans, such as a home equity loan. Either option is a good way to go if it offers you enough to pay off your debts with a lower interest rate. Find out if you qualify for these loans.

Bankruptcy should be considered as a last resort but if you have reached the stage where you simply are unable to repay your creditors you should consider bankruptcy. Bankruptcy will allow you to wipe the slate clean and begin anew.

Bankruptcy does have many drawbacks and consequences but is rarely as bad as people image. If you are considering bankruptcy you should discuss it thoroughly with an expert such as a bankruptcy trustee or the Australian Financial Security Authority.

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