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Payday Loans News – UK Residents Struggle Financially To Make It To Payday

by Jim ONeil on January 4, 2011

in uk loans news

Nearly four in every ten UK residents claims to financially struggle to make it to the next payday, reports R3, an insolvency trade body. This is equal to 38 percent of UK residents, or 18 million people. Those surveyed said their financial struggle begins on the 19th day of the month, one day earlier than their response in July.

Thirty-three percent report that credit card payments are the source of their financial issues. Spending on non-essentials such as entertainment were reported by 24 percent to be the cause of their financial problems. Younger people who are struggling are more likely to attribute the situation to non-essentials or entertainment. Other major contributors for all age groups are making mortgage repayments and paying off bank loans.

Northern residents are the most likely to experience financial struggles to payday, with 42 percent reporting this issue. Scotland comes in a close second, with 39 percent of the respondents experiencing problems. Those who live in the Eastern region are the least likely to struggle to payday. Experts point to the need for establishment of a budget to assist those who are struggling.

While 42 percent of women experience the issue, only 32 percent of men claim finance issues to payday. The reasons either sex struggles are different. Men more frequently report credit card payment

issues, while more females attribute the financial hardship to spending on going out or items considered non-essential.

Steven Law, R3 President, finds it particularly concerning that for one third of each month, a large number of people struggle with their finances. The research shows that people engage in excessive spending after payday, much of it on non-essentials, which leads to financial strain later in the month. During the winter season, he believes that people may struggle earlier each month due to Christmas spending and heating bills.

van burdaliao

What is wrong with these arseholes? They have no compassion whatsoever for any of the peoples suffering. I think they will continue to do this until they own all the homes and we are just renters, and until we can no longer afford transportation at all, this will keep us controlled very well if we have no where to live and can't afford to travel even 20 miles. They will leave this country so screwed it may be broken beyond repair.

kauffman

Selling debt is completely legal, also the reason the whole sub-prime thing happened. Go figure people!

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