high cost lending arrears

1.7m consumers forced to borrow from high-cost lenders to pay off existing loans

1.7 million people across the UK are borrowing from high-cost lenders in order to pay off existing debts, according to research by Creditspring. The research found that a quarter of people (24%) who borrowed from high-cost lenders sought credit so they could repay other debts. The same proportion (24%) who borrowed from high-cost lenders admitted…