The number of people forced to experience daily economic stress is likely to increase in 2008 as UK residents struggle with financial difficulties
United States of America (Press Release) February 1, 2008 --
That is according to PaydayBank UK, who believe that increased costs of living, rent prices and unexpected expenses will tip many over the edge financially.
"I would imagine there is going to be a steady growth in the volume of people who are experiencing financial difficulties. I would say that the number of people that will have to turn to financial organizations offering immediate help such as payday loans and cash advances will increase during 2008," said the organization's director Michael Brodsky.
"I think there will be significant instances where people will be coming to the end of month with insufficient funds to cover their expenses. Having a bad credit history will affect these peoples ability to raise cash, and so inevitably, they will find themselves in a bad situation with their creditors and banks. Planning ahead is a major concern and this will definitely put more pressure on their monthly household budget."
"Due to the much talked about credit crunch, finding a good deal for unsecured loans can be a problem these days… A of a lot of specialist short term products previously offered to people under financial stress have been removed from the market place, which would otherwise have allowed them to postpone their short term problems to better times." he continued.
With more people struggling with financial difficulties, there is likely to be an increase in the number of people having to sell or pawn their private possessions so as to keep their financial difficulties confidential. The expenses and loss of security associated with having to sell or pawn possessions adds more tension and stress making it even tougher to cope with.
"I would imagine there is going to be a steady growth in the volume of people who are experiencing financial difficulties. I would say that the number of people that will have to turn to financial organizations offering immediate help such as payday loans and cash advances will increase during 2008," said the organization's director Michael Brodsky.
"I think there will be significant instances where people will be coming to the end of month with insufficient funds to cover their expenses. Having a bad credit history will affect these peoples ability to raise cash, and so inevitably, they will find themselves in a bad situation with their creditors and banks. Planning ahead is a major concern and this will definitely put more pressure on their monthly household budget."
"Due to the much talked about credit crunch, finding a good deal for unsecured loans can be a problem these days… A of a lot of specialist short term products previously offered to people under financial stress have been removed from the market place, which would otherwise have allowed them to postpone their short term problems to better times." he continued.
With more people struggling with financial difficulties, there is likely to be an increase in the number of people having to sell or pawn their private possessions so as to keep their financial difficulties confidential. The expenses and loss of security associated with having to sell or pawn possessions adds more tension and stress making it even tougher to cope with.
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