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FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 18, 2011 -- More than 2/3 (Two-Third) of People in UK are falling behind their financial commitments and are seriously troubled with their financial burdens, showed a DebtTracker Survey carried by YouGov and R3. In the course of 2,000 interviews it was found that 60% of respondents were worried about their level of debt and 45% struggled to make their money last until payday. Younger people seemed to have the most difficulties in making their money last with the 45% rising to 62% amongst the 24-44 year old responders.

This survey seems to confirm the reasons behind the growth of Payday loans. Payday loan companies are now a £2 billion a year industry. If the loans are paid promptly the interest rate can be cheaper than that charged on an unauthorized overdraft but if the payment is late the loans are rolled over and the debt escalates very quickly at interest rates up to 4,000% per annum. The survey found that one in six people who take Payday loans only manage to pay the interest and not the capital.

Last month the Citizens Advice Bureau said that the number of people who had run into debt as a result of payday loans has quadrupled in the last 2 years.

People need to be aware of what they are getting involved in when they take out these loans, therefore DebtLocal encourages anyone who has debt problems, to seek professional Debt Advice.

For those who are in debts, there are many reliable solutions available, all it takes is to find a good source of debt advice like DEBTLOCAL (www.debtlocal.co.uk ), that keeps you in touch with a professional debt advisor alternatively clients can call DebtLocal on 0800 044 5659 .

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