Londoners turn to payday loans during rent struggles
According to a study by Shelter and YouGov, more than half of Londoners struggle to pay their rent each month, resulting in some using payday loans.
The largest of its kind, the study looked at those renting privately in the capital, finding that 54 per cent struggled with their rent. As many as one in three renters reportedly found themselves in debt last year, as they tried to keep on top of their rent payments.
47 per cent of families reportedly needed to borrow money to keep their payments up, such as borrowing money from family members, or taking out credit cards and payday loans.
“With rents rising relentlessly, far too many Londoners are having to fight hard to keep their heads above water,” said the chief executive of Shelter, Campbell Robb.
“Tens of thousands of people are either being pushed out of the city, or are spiralling into debt, just to be able to keep a roof over their heads – borrowing money from family or going into the red on credit cards.”
He continued: “London’s 2.7 million private renters deserve better. The new mayor can help to make unstable renting a thing of the past – so it’s up to every mayoral candidate to show they’re willing to fight for London’s renters.”