If you are having difficulties making ends meet, get advice from a local expert who deals with the UK’s many work safety problems.
It is estimated that in the UK over 1.5 million people are paying a fixed or interest rate loan on any one type of property, and only around 5,000 of these are paying more than 4 per cent. Why should these lucky people are not? There are many factors that go into this, but the final factor I wish to touch on here is interest rate.
The inflation rate over the last ten years has been around 3.6 per cent above the average annual rate of consumer price inflation. What this means is that while in 1998 more than one in five people had a fixed rate payday loan then today more than one in ten people have one at the higher interest rate of 4 per cent. To take this a step further, manufacturers only offer these ‘loans’ at a more advantageous interest rate to the nation’s consumers.
This means that for a typical 50 cent loan with an interest rate of 4 per cent, the typical extra “profit” is around 25 per cent or £50. If this huge incentive is passed on to employers, then the abandonment of the nation’s workforce is gentle… entire. Furthermore if more pre-payment is required on these high interest loans customers are often leaving the lights on, and this in turn can not only damage the economy, but also complaint rates from ordinary consumers are often the determining factor for industry failure.