Lamport Bassitt Solicitors - Legal News - Debt Advice Foundation warns of payday loans epidemic


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Debt Advice Foundation warns of payday loans epidemic People in low income areas may be in danger of seeking advice from a personal insolvency lawyer because they are increasingly turning to payday loans. The Debt Advice Foundation is warning that such short-term solutions are "prevalent" among low-earning families. David Rodger, managing director at the charity, explained that people who are in need of cash have found it hard to borrow money from high street lenders since the recession. "The main concern right now is that low income households are easing their financial burdens by accessing short-term credit such as payday and doorstep loans, which are particularly prevalent in low income areas," he said. His comments come after the Consumer Credit Counselling Service said it was concerned about the debt levels of those on low incomes. Mr Rodger added that there is a "strong possibility" that not everyone is taking advantage of their full entitlement benefit, suggesting that "a whopping £16 billion goes unclaimed every year". Posted by Paul Stevens Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News