Payday loans are targeted in Leeds council’s war on debt after a poll in the city discovered that 50 percent of residents are worried about debt, with an estimated 22,500 people having recently resorted to this type of borrowing to pay regular bills. The level of debt in certain areas of the city is over £1,500, which the council consider unacceptable so they have announced that they would like Leeds to become a ‘payday free zone’ and they are in talks to try to help families caught in a spiral of increasing debt.
Worry is exhausting and lonely
If you are worried about something, especially money, you can lose sleep and become exhausted with it all. Many people don’t find it easy to talk about money worries and this is a pity because if they did they would soon find that they are certainly not alone – with the Leeds results in mind, the likelihood is that at least half of anyone’s circle of friends is in exactly the same boat and a problem shared is a problem halved, at least as far as taking action is concerned. Where personal debt in the shape of short term, high interest loans are concerned, the problems inherent in borrowing this way are obvious to everyone except the person taking out the loan. Anyone short of £100 till payday is likely to be on a relatively low wage or not managing their money well. When the repayment is made on payday, they are £100 short again, but now with interest added – another payday loan is the only answer and so the problem escalates.
Other payments are avoided
It is often only a matter of time before other payments become victim to the cash shortage and creditors begin to get more insistent that payments are made. Robbing Peter to pay Paul can only go on for so long and many people make the situation worse for themselves by clinging on to an insupportable lifestyle because they don’t want friends and family to know the situation they are in – knowing that others are also worrying about money is often a very real comfort to people in this situation and can give them the wake-up call they need to make them start looking into ways of getting their finances back on track.
Dissolve Debt is here to help
Instead of lying awake worrying and trying to juggle impossible finances, why not give Dissolve Debt a call? Our experts are on hand to help you take charge of the situation and stop the problem getting worse. Sometimes it can be hard to even contemplate approaching your creditors, but when you let Dissolve Debt take charge we will do that for you, working out an affordable way to manage the repayments which will often be substantially reduced. When you call, an expert will discuss your situation and suggest the best way forward. If you decide to proceed, we will take over all the paperwork and worry and set you back on the path to financial wellbeing; it’s as simple as that.