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Financial obligation difficulties with high expense credit services and products in the increase as pay day loan dilemmas fall

Financial obligation difficulties with high expense credit services and products in the increase as pay day loan dilemmas fall

Increasing numbers of people are suffering debts for guarantor loans and lease to possess credit items, people information reveals today.

The charity claims there is a change into the high expense credit market because the number of individuals looking for assistance for issues with these sub-prime items has increased by 16per cent over the past 12 months (from 1,962 between April and June 2015 to 2,272 in identical duration this season), whilst the amount of people with pay day loan financial obligation issues has reduced.

During the last year people guidance assisted 7,500 people who have lease to possess financial obligation issues, 1,100 with guarantor financial obligation dilemmas and 460 with logbook loan issues.