Finance & Fury Podcast

Welcome to Finance and Fury. Credit cards and pay day lenders are on the rise, as some of those out of work are becoming strapped for cash. Today, we look at this further but also look at some alternative strategies to avoid the debt traps. We’ll also look at how to use this as a chance to get spending habits back in line. First – situations to avoid getting further into debt High interest loans are being offered to people via text messages - offering short-term loans to get them through whilst they are unable to work Known as pay day lending – but also offering short-term high-interest loans Obvious issue with this is that these loans trap vulnerable people in a debt cycle that is difficult to escape No doubt – a lot of the population is going to suffer financial stress – The National Debt Helpline says almost 10,000 people have called for help during the past month, but demand is so high that some calls are not getting through. "A lot of people who are calling us are incredibly stressed and really worr