Households are being pushed into financial difficulties due to a number reasons; unemployment, benefit delays and increasing bills. A number of organisations can make finance available to you at very high rates of interest, which can be very tempting when you’re finding it difficult to cope. These lenders offer ‘easy’ borrowing, but often at very high interest rates. For example, you could be paying off a budget range washing machine over 3 years and end up paying more than twice the original cost!
There are other options available to you, such as the Stockport Credit Union. If you’re finding it difficult to manage your weekly payments, please get in touch with us to discuss your options with the Money Advice Team.
I was sick with worry about my debts. It felt like every time I paid one off, I had to borrow again to pay off another. I was desperate and borrowed £200 from a loan shark. I thought it would solve my problems, but it made everything worse. The loan shark kept coming to my house and demanding money. The amounts he said I had to pay kept jumping up and I didn’t know where to go for help. The Money Advice Team put me in contact with Illegal Money Lending Team. They gave me the facts about loan sharks and took information about my situation. The loan shark no longer comes knocking at my door, and I’ve contacted Step Change who has really helped me sort everything out.