Payday Lending Link To Increase In Mental Illness

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So it turns out PDLs are not just bad for your Bank Account & Wallet - They are also bad for your brain too!!

 

Source - Herald Scotland

PAYDAY lending is putting people’s health at risk by increasing debt and anxiety among those who are already vulnerable, experts have warned.

 

A new report, written in Scotland, raises grave concerns about the impact of the industry, which is branded “absolutely corrosive to mental health”, but also suggests rules designed to protect borrowers from exorbitant interest rates could leave people struggling to afford basics with nowhere to turn.

 

I highlight the below because this is still massively worrying...

 

It has been estimated that 1.7 million people took out payday loans across the UK in 2013, and that Glasgow residents borrow more than £57m through payday lenders, home credit deals, pawnbrokers and rent-to-own schemes in a year.

 

HERE