A DRAMATIC rise in Fifers struggling with payday loans is a cause for 'grave concern', according to Dunfermline MSP Bill Walker.
New data shows that the number of Fife clients of StepChange Debt Charity with payday loans almost tripled between 2012 and the first three months of 2013, rising from 11 per cent to 30 per cent.
Between 2011 and 2012, the average amount owed increased from �375 to �1656, though this dipped to �1385 in March.
Mr Walker said, "The number of Fifers turning to payday loans is a grave concern.
"The interest rates charged can be extremely alarming, leaving people with no money for day-to-day expenses when they attempt to make their monthly repayment.
"I would recommend any Fifer struggling with debt, including payday loans, to contact StepChange, which is an independent self-funding charity dedicated to helping people repay debts in a realistic timescale suited to their situation." StepChange Debt Charity's free helpline, 0800 138 1111, is open 8am to 8pm, Monday to Friday and 9am to 4pm Saturday. Help can also be found online at www.stepchange.org, which includes a dedicated section on payday loans.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel