Loans - The long and The Short of It

When we were all credit crunched in 2008, a lot of media focussed on the negative effects of decades building up credit. They were, of course, right – many people had borrowed more than they could afford and were left in dire straits when the economy faltered. After nearly three years of paying off more debt than weve accrued, one would assume that the situation was getting better, however, at the start of December news outlets reported that nearly 60% of us will consider getting a high interest, unsecured, short-term pay day loan to see us through to the next pay cheque. Loans in themselves are no more risky than any other financial product, nor do they have to be expensive if you opt for long-term loans from Santander or other well established high street banks. However, the problem with pay-day loans is that they can charge up to 4,000%...
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