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Poll Shows Payday Loans May Be Needed Even More Due To British Budget
Poll Shows Payday Loans May Be Needed Even More Due To British Budget
One of the biggest union’s in Britain has run a poll that reveals that the budget cuts look set to push even more struggling families into debt. Payday loansin turn will be on the increase as a means of survival.
Victoria,
London,
United Kingdom
(prbd.net)
30/03/2011
The 1% increase in employee contributions to National Insurance, a three year freeze in child benefits, plus 45 other different tax increases and benefit cuts are budget measures that will make life even more challenging for British families.
On top of the VAT increase to 20%, wage freezes and increasing food and fuel prices, these budget measures will mean numerous families will need to re-evaluate how they will reach the end of the month successfully.
The poll shows that many families are barely holding on to their purse strings as it is and ongoing employment worries and financial fears are huge concerns. To these families what may seem like small cuts to politicians may be what tips their finances over the edge.
Take for example the half a million parents who have been receiving around £440 per year in help with the cost of childcare due to cuts in working tax credits, this equates to £36.66 per month which added to only the VAT increase alone makes a significant difference.
A significant enough difference for some families who have not previously used payday loans to admit that they may need to avail of them to get to the end of the month without running into problems to pay bills.
Add into the equation tax increases and benefit cuts the picture becomes even more challenging. Payday loan companies predict that the increase in demand for their services will continue to rise in 2011.
One such company is Cash Choice who understands how the British Budget will affect many families. This payday loan company is made up of individuals who all understand the customer’s needs and that each customer is an individual with a potential cash flow emergency. Their mission is to provide instant application decisions and a fast turnaround on money. Many banks cannot provide assistance to their customers with short term financing. This is why payday loans ( http://www.cashchoiceuk.co.uk ) have become an essential tool for many people today.
Cash Choice is pleased to provide customers payday loans when needed to handle their short-term cash-flow needs. They pride themselves on a quick and easy loan approval process.