Payday loan applications 'starting to plateau'
Payday loan applications 'starting to plateau'
Wednesday 18th February 2009
According to moneysupermarket.com, a slowdown in the rate of payday loan applications is an encouraging sign that some households are managing to avoid severe financial difficulties.
The website describes payday loans as "the ultimate barometer of how tough things are" and explains that applications "went through the roof" for much of 2008.
Research from moneysupermarket.com shows that recent months have seen demand for payday loans become more steady, although the website's head of loans Tim Moss warned that the outlook remains worrying.
"The economy is still in a dire state. There are three times as many people needing a payday loan each month than in 2007, but at least the haemorrhaging has stopped," he commented.
Credit Action's Frances Walker recently urged consumers to "be sensible" about their borrowing in order to avoid debt.
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