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Coast and Country hits out at short term loans
9:59am Thursday 31st January 2013 in News
A LEADING North-East social housing provider has launched a campaign to warn people about the dangers of pay day loans.
Coast and Country, which manages a large property portfolio throughout the Tees Valley, hopes the campaign will counter widespread advertising by payday loans companies. It aims to highlight affordable alternatives to short term loans with crippling interest rates.
Teams of experts will be targeting key towns and advertising vans will tour the area to drum home the message.
Iain Sim, Chief Executive of Coast and Country, said: “Households already are struggling to make ends meet as the price of everyday basics such as food, gas and electricity soar.
“This month there is even more financial danger as people need to make their money last longer due to getting paid earlier than usual because of the festive break.
“People should beware of locking themselves into high interest rates, some money lending websites charge more than 4,000 per cent.
“It is so easy for people to find themselves on a payday loan treadmill as they resort to taking out another loan to in a vain attempt to balance their budgets.
“By saying no to payday loans, people can avoid getting into financial deep water. Our teams are ready and available to offer free, independent advice to help prevent people from drowning in debt.”
* Coast and Country has drawn up ten top tips on how to get out of debt and manage money: Don’t ignore debt.
Look at which debts need to be paid off first such as rent, council tax and heating.
Don’t ignore letters.
Talk to your creditors.
Make a budget and fill in a financial statement.
Look at your spending.
Check your benefits.
Seek expert advice.