Payday loans cannot help “Shopaholic” habits. Getting fast money so you can buy more does not get to the root of the problem. Statistics have shown that young women here in the U.S. are more apt to apply for online payday loans. Since there are no questions asked about what the loan is for, there is insufficient data to say that the loans were taken out so the young ladies could shop for more. Low cost payday loans online are not an answer for additional spending especially when it is for items wanted and not needed.
In the U.K., reports are coming out that the women are falling into increasing debt and needing to apply for debt relief. two-thirds of the applicants are women. Men who fall into debt problems are more apt to turn towards bankruptcy. The need for direct payday loans in the U.K. are shown in the rising number of payday loans companies offering fast money options. There are many people who are struggling to make ends meet and have fallen further into debt along the way. Online payday loans are not debt relief. The high interest involved with keeping the payday loan unpaid for long periods of time, will sink a person, who struggles for money, further into debt.
Are shopaholics using payday loans to feed their habit?
Though there really is no proof that these women in the U.K. re struggling just because they have a shopping problem, the numbers are growing. Almost 5,000 women applied for debt relief last year in the U.K. Young women ages 25-34 are the fastest growing age group in the U.K. society who are falling into serious debt.
So why would the reports use the term “shopaholic”? Increasing numbers of credit cards and online payday loans are giving shoppers an even easier access to the latest shopping crazes. It would not be too difficult for a young shopper to fall further into debt with easy access to third party money. Women this young carrying such large debt, one can only assume where the money goes. Unless there is some emergency, it would take years for people to fall into large debt unless there is no limit to spending sprees. Maybe these women are starting a family and lost track of the budgeted costs. Perhaps frequent holidays are being charged or endless hours at the malls doing more than window shopping. Getting a store credit card is sometimes a curse for those who cannot limit their spending. Special offers and discounts will keep the buyer coming back to the store for more thinking that a deal is to be had. A deal is good when you can afford it.
Obtaining online payday loans is fast access to much needed cash, but the payoff is expected in a few short weeks. If there will be problems paying off the loan on time, then finances will continue to tumble no matter how good the sales are.
Spotya! Online Payday Loans promotes responsible lending and borrowing. There are no questions about the need for cash, just a quick transaction to get you the help you need. The payoff is scheduled around your next paycheck. Plan accordingly so the low cost payday loans will not disrupt your budget any further.