Children are expensive. Food, toys, clothing and more expensive bills soon tot up, and before you know it the £20 you had at the end of last month has gone halfway through this one.
For a parent who may only be working part-time or not at all, the temptation to grab some quick cash from a payday loan company can sometimes be too much to bear, especially through the internet – where you don’t even need to reveal your problems to others face-to-face.
But complacency, or forgetfulness, or new unwelcome costs, or pure avoidance of the truth, can soon push payment further backwards.
A simple loan of a few hundred pounds becomes a thousand, a thousand becomes several thousands, and the net becomes inescapable.
A new report by The Children’s Society and Stepchange Debt Charity stated that almost 1.4 million families in the UK with children have ‘problem debt’, with 2.5 million children living in families behind with their bills.
A quick internet search will reveal horror stories of mums and dads forced into desperate measures, begging for help as realisation dawns that the amount cannot be paid. And there are varying accounts of the level of sympathy of the lenders.
Had the borrowers sought that help before taking the loan the solution may be much clearer.
That’s where the Money Advice Service can help, with its comprehensive list of alternative solutions to the possible perils of utilising a payday lender.
It can help point you towards other options and advice, financial help, or a less destructive loan for your wallet and self-esteem.
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