UK Public Warned Loan Sharks May Make a Come Back

As lenders become more cautious about their lending, increasingly larger numbers of UK citizens grow more susceptible to using loan sharks as the recession continues. A report from government think tank New Local Government Network estimated that this caution from standard lenders would lead an additional 35,000 people to turn to illegal money lending operations. They selected Manchester, Gatehead, Lincoln and Stoke as places most likely to be attractive targets for loan sharks.
The group suggested that councils should invest more funds into credit unions. They also stated their research indicates that a minimum of 165,000 UK citizens have already used loan sharks and paid incredibly high rates of interest as a result.
Those struggling with debt would be wise to consider the advantages of an IVA or Debt Management Plan which can help reduce the overall debt and end the viscious spiral of interest-fueled debt growth.

As lenders become more cautious about their lending, increasingly larger numbers of UK citizens grow more susceptible to using loan sharks as the recession continues. A report from government think tank New Local Government Network estimated that this caution from standard lenders would lead an additional 35,000 people to turn to illegal money lending operations. They selected Manchester, Gatehead, Lincoln and Stoke as places most likely to be attractive targets for loan sharks.

The group suggested that councils should invest more funds into credit unions. They also stated their research indicates that a minimum of 165,000 UK citizens have already used loan sharks and paid incredibly high rates of interest as a result.

Those struggling with debt would be wise to consider the advantages of an IVA or Debt Management Plan which can help reduce the overall debt and end the viscious spiral of interest-fueled debt growth.

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