The dangers of using loan sharks

Christmas has come and gone, but unfortunately there is a lingering fear of debt for some of the poorer families as they resorted to borrowing from a loan shark to finance their Christmas spending.

We published a news item this morning about how 100,000 families have fallen prey to loan sharks recently and are now is need of debt help as a result. There are many dangers in using loan sharks as you can learn in the video below.

One of the main dangers is that it is illegal to operate as a loan shark. There are no regulations controlling their activities so once you step outside the p[protection of the law then you are prey to their greed. They can charge whatever interest and other charges they like and as long as they don’t get caught by the Police, they can exert a terrible hold on you.

With interest rates at 850% and above, even borrowing a small amount can very quickly grow into thousands of pounds of debt. This is a bad and difficult situation if you are already having problems with your finances.

Anyway, I recommend that you watch this video as it gives some good advice about other avenues to explore without having to resort to the loan sharks.

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