Many Brits keep quiet about their financial problems, with eight million people feeling so ashamed they would prefer to face their debt difficulties alone.
According to newly launched website DebtHacker.co.uk, one in six Brits who have endured financial hardships do not share their problems with others, despite British families collectively owing £213.5 billion on credit, showing just how so many of us rely on loans for monetary assistance.
The statistics released by the advisor revealed ten per cent of incomes are not big enough to cover outgoings, which is why it is no surprise that people turn to payday loans to make ends meet.
Nearly ten per cent have taken out a payday loan, which leads to a vicious cycle of trying to pay off the finance with interest while still not being able to afford living costs.
A spokesperson for online campaign Debt Hacker said: “With over half (54 per cent) of payday borrowers taking out a loan to service existing debt, it’s critical we start to shine a light on this problem and take steps to solve it.”
This comes after the Financial Ombudsmen Service reported complaints about payday lenders had risen by 80 per cent between January and June 2018 compared with the previous six months.
There were 29,500 grievances reported about consumer credit products during the beginning of the year, the Sun revealed.
Brits who have faced financial difficulties in the past might want consider a debt recovery investigator in Surrey to help them accrue any money they have lost.