Quick fix loans not the answer to cost of Christmas, councillors warn

PUBLISHED: 15:19 18 December 2012

Christmas spending sprees and the use of payday loan companies could lead to spiralling debts for families in Tower Hamlets, councillors have warned.

Quick fix loan providers have come under fire this year for charging abnormally high rates of interest, and Labour councillor Rachel Saunders fears people will struggle to pay off their debts after an expensive Christmas.

“If you are facing challenges this year, I would urge you to speak to experts such as Tower Hamlets Credit Union before turning to the pay day loan companies who offer no real solution”, she said.

Cllr Saunders also urged people to visit free advice centres if they are struggling with debt.

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