Use of payday loans to cover mortgage and rental payments rises

New research from the housing charity Shelter has shown millions of people have resorted to unsecured borrowing to meet their monthly mortgage or rental payments over the past year. According to Shelter almost a million people used payday loans to help them pay their mortgage or rent and an additional six million people had to use loans or credit cards. Shelter carried out the research, speaking to more than 4,000 people, following a surge in the number of people telling their debt advisers they had taken out loans to meet mortgage and rental payments. Shelter said the results showed a “spiral of debt ...