The growing problem of pay day loans - when you don't have a pay day. New research suggests these short term huge interest loans are making life even more difficult for unemployed people.
A new report by debt charity Consumer Credit Counselling Service has found that 1 in 20 unemployed people were struggling to repay debts to so called Pay Day Loan companies - which are companies that offer short term loans with an extremely high percentage APR pay back. The charity has warned that payday loan difficulties are growing amongst the unemployed, with an average of £918 being owed in this type of high-cost, short-term borrowing.