Will You Be In Debt This New Year?

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Will You Be In Debt This New Year?

It’s the most expensive time of the year for many Brits and with high street banks tough on who they will lend to many are forced to turn to a high interest loan to help with the Christmas expenses. This could cause a lot of debt for people when it comes to next year.

Last year eight million loans, which totaled to a scary £2 billion, were agreed by high cost lenders and, while it may have seemed like a easy and quick way to get money, it has now caused a lot of debt and misery to the people that took at these loans. The debt charity is currently receiving calls from payday borrowers at the rate of one every seven minutes and it expects the number of pleas for help to far exceed the 20,000 cases it handled in 2012.

One option for these people who have bad credit from previous loans is to borrow from a Credit Union which will also cause them less debt as they have reasonable interest rates. There are 380 credit unions in the UK helping more than one million members to manage their savings and borrowing. These are loans for people with bad credit who are unable to borrow from mainstream lenders.

The Government are hoping this low cost lending will expand rapidly to help even more people without charging extortionate interest rates and fees. Earlier this year, £38 million worth of extra funding was agreed to grow the credit union industry to help an extra one million people on low incomes by 2019. Credit unions encourage you to save money and help you to manage your money matters, but they also offer loans at affordable rates. In some cases, these loans will cost no more than 1% per month (12.7% APR) on the reducing balance.

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