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Worry over payday loans

SCOTS are twice as likely to struggle financially as a result of a payday loan, compared to the national average.

Research carried out by the insolvency trade body R3 found 20% of Scots said they struggled to make it to payday as a result of repayments to payday or similar loans compared with 10% of the UK population.

The survey found 7% of Scots prioritised repayments on payday loans over spending on food, with the same percentage cutting back on clothes spending.

The greatest debt concern (34%) for Scots is credit cards with 33% citing mortgage payments and 21% bank loans as the next greatest worry. Some 46% say they are worried about their current levels of debt.

Contextual targeting label: 
Finance

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