Citizen’s Advice has published an article regarding a decline in problems caused by payday loans in the past year.
The key points from this article are:
- There has been a 53% drop in the number of people the charity has helped with problems due to pay day loans.
- One in four of people that have applied for a pay day loan are eligible for a loan from a bank.
- The decrease in consumer credit debt began after the FCA introduced new regulations for the payday lenders and took stricter enforcement measures.
- Issues with expenses such as council tax, utilities and general day to day costs have increased comparatively.