Today more and more people are struggling with debts for guarantor loans and rent to own credit products, Citizens Advice reveals.
The charity states there is a change within the high expense credit market while the amount of people searching for assistance for issues with these sub-prime products has increased by 16per cent during the last 12 months (from 1,962 between April and June 2015 to 2,272 in the same duration this season), although the amount of people with cash advance financial obligation dilemmas has reduced.
Throughout the last one year people guidance helped 7,500 individuals with lease to possess financial obligation dilemmas, 1,100 with guarantor financial obligation issues and 460 with logbook loan problems.
Because the introduction of a price-cap on payday financing in 2015, the number of people coming to Citizens Advice for help with payday loan debts has fallen by more than a half (53%) january. Read more