Rather worrying figures this morning from the housing charity Shelter which reports that almost one million people have taken out a payday loan to help pay their rent or mortgage in the last 12 months.
The charity says that almost seven million people in total are relying on credit in some form to help pay their housing costs, using payday loans, unauthorised overdrafts, other loans or credit cards.
Campbell Robb, Shelter’s Chief Executive said: ‘These shocking findings show the extent to which millions of households across the country are desperately struggling to keep their home.
‘Turning to short-term payday loans to help pay for the cost of housing is totally unsustainable. It can quickly lead to debts snowballing out of control and can lead to eviction or repossession and ultimately homelessness adding that
‘Every two minutes someone in Britain faces the nightmare of losing their home. We urge every single one of these people now relying on credit to help pay their rent or mortgage to urgently seek advice.’