A survey done by a firm which sells discount vouchers has revealed that people in Britain are worse off now than they were this time last year. This has meant that more people have had to rely on payday loans, and this is likely to increase as Christmas approaches. Worryingly, this comes at a time when many people think that the recession is coming to an end. Perhaps the saying that it is darkest before the dawn is applicable here, but then again maybe not. In any case, for anyone having money problems, a payday loan is a good way to get through them, in the short term at least.

Survey reveals most people less well off than this time last year

Payday loans cannot solve the problem of not having enough money, month by month, for the expenses that have to be paid. With less money available in savings however, it means that when an emergency situation hits, a short term loan is going to be needed more often, by more people. Payday Loans UK cater to this need, allowing short term borrowing to be acquired quickly and with very little hassle. In fact the application process only takes a few minutes, and once you have been approved, the money will be available in your bank within hours.

The survey produced some interesting figures, going to show how much less money people have now as opposed to last year, as well as the measures they are taking to deal with this. A couple of points should be remembered here however, the first being that the methodology of the survey has not been revealed, and so if it was answered only by people using discount vouchers, they may not be true numbers for the whole country. Having said that, however, even if that is the case, then the survey will be surveying questioning the same sorts of people who used discount vouchers last year, so will document how the poor are getting poorer. Or else, it will be comprised of people who didn’t use discount vouchers last year but do this year, which only goes to support their claims in any case.

To get to some of the figures, then:

88% feel more concerned this year about their finances than they did last year.

57% are anxious about how they were going to be able to pay for Christmas this year.

27% are being put off buying a new home because of financial problems.

14% are not going to have a baby until their financial situation improves.

82% have stopped going to restaurants or pubs.

27% tried haggling while they were shopping.

There are lots more figures, these are just some of the choice ones. It is of course important to reduce costs, rather than relying on short term loans. There are situations when expenses simply cannot be avoided though, an in those circumstances payday loans can be very beneficial.

If you do find yourself in financial difficulty, it is best to try to reduce costs if you can. If that is not possible however, then a payday loan may be your best option.

Tags: bank, christmas, financial difficulty, Payday Loans, Payday Loans UK, recession, reduce costs, short term borrowing, short term loan

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Ken Heading keeps up to date with all the financial news in the UK, particularly as it affects payday loans, and enjoys writing on this subject.

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