According to Shelter, which is a housing charity, a minimum of one million people have turned to using payday loans uk. These people are struggling to meet their rent or mortgages and may possibly be facing eviction.
With approximately 4%, or 1.4 million people, facing the risk of eviction or having their homes taken away, these people had been struggling continuously to pay their rent or mortgage. From an interview done in Decemeber 2011, the numbers have increased by at least 44%.
There had been a study for homeowners done with a time frame of 12 months. The results from this study show that 1 million people generally turned to using loans or other authorized forms of payment in order for them to meet the cost of their housing expenses. In the same study, there were also people who used unauthorized methods to meet their payments every month.
Payday loans, some with up to a 4,000% yearly interest rate, were given out to the same amount of people as compared to the previous year. Statistics show that two years could make the difference, since the number of people applying for payday loans had increased by 300% in two years.
Within the last portion of 2012, there had been a slight increase in the amount of families who lost their homes. These people had serious amounts of debt, which is classified by being two or more months behind on housing expenses. However, after the numerous people in debt, there still are many people who are in debt.
With the living costs constantly on the rise, there is also rental increases. Much of these two costs tax the home owner or renter. Adding on to the other expenses and the incomes, it is like a delicate balancing act on a knife’s point. However, the employment market is what has stopped the incline cost of rental increases.
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