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1m Brits use payday loans to pay for housing

24 January 2012 15:40:18

Many Britons are borrowing to meet housing costs. image
Many Britons are borrowing to meet housing costs.
Millions of Britons are relying on unsecured credit to meet their housing costs, according to new research from national charity Shelter.

The charity commissioned a poll of more than 4,000 adults, which was conducted by research firm YouGov.

It revealed that almost 7 million people are relying on credit, such as unauthorised overdrafts, personal loans, credit cards or payday loans, to pay their rent or mortgage.

Of these, almost 1 million have resorted to payday loans, which could lead them to fall into further debt if not paid back on time.

Campbell Robb, Shelter's chief executive, described the findings as "shocking".

He said: "Turning to short-term payday loans to help pay for the cost of housing is totally unsustainable. It can quickly lead to debts snowballing out of control and can lead to eviction or repossession and ultimately homelessness.

"We urge every single one of these people now relying on credit to help pay their rent or mortgage to urgently seek advice."ADNFCR-2196-ID-801273291-ADNFCR ADNFCR-2196-ID-19464191-ADNFCR

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