Liverpool, England, 11 March, 2014 - The increase in the housing costs across the UK has only left people in want of hard cash. Observing the like of the common man living in the UK, there is a fat majority of residents who face a rise in the housing costs as well as an inflation in the costs associated with electricity consumption and gas as well. As a matter of fact, there has been no hike experienced as far as the salary of the common man is to be brought into consideration.
The first question that comes into the mind is for how long will the there be an increase in the costs of living, before so many individuals start existing under the poverty line.
Even as the anxiety of abolishing payday lenders has been shown by the government, the question that crops up is – What will happen to about one million individuals, who are completely dependent on these lenders? This is ultimately going to bring about a hindrance when it comes to purchasing the goods of everyday needs as such?
If a person is not able to manage the debt, this will only bring about a feeling of unhappiness and despair to that individual, and may be the family too. However, if the wants of the situations are timely met with the help of regular repayments with the respective lenders, then it surely is a good thing after all.
The ultimate challenge that the government faces is guaranteeing that the tax imposed and the benefits that are granted hardly effect those entities who are already prone to debt. A gradual growth and an increase in the living quality remains one of the basic needs of the government. The low salaries need to be combated, and the enhancement in the standards of living also needs to be ensured herein.
Coming to the APR with regards to the payday loans, it is advertised wherever an advertisement occurs, i.e. for example, on the television, internet, in the shops, or for that matter, even on the radio. Unreasonable bank charges have been imposed on many people. Recently, investigations had been carried out pertaining to credit card lenders and consumer credit agreements high street. With inconsistency as shown by the APR related to agreements like these, the final amount that is to be repaid is disguised and deceptive.
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