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Consumers urged to be wary of payday loans
Posted by Emily Swanson
Consumers considering the possibility of taking out a payday loan should be extremely careful with regard to the small print attached to these products.
That is according to Stuart Carmichael, director of the Debt Support Trust charity, who has noted that the terms and conditions on such deals can sometimes be vague to individuals taking them out.
Mr Carmichael explained that even though regulatory requirements mean companies have to make it "very clear" what they are offering, this does not necessarily mean that people will understand what APRs of "three, four, or 500 per cent and even 4,000 per cent" entail.
He went on to state that firms do the "bare minimum" they can to highlight the amount of money consumers will have to eventually repay.
Recently, Kim Stephenson of Taming the Pound indicated that physical exercise and activity can help relieve some of the stress associated with financial worries. 
21/11/2011 15:44
News category: Consumer