Citizens Advice Chesterfield have produced a report into high cost credit in Chesterfield.
There is not a universal definition for high cost credit but this could be described as credit with one or more of the following: significantly high interest rates, high overall cost, large regular repayment terms. This could include short term credit (including payday loans), home-collected credit, catalogue credit, some rent-to-own, pawn-broking, guarantor and logbook loans.
Citizens Advice Chesterfield identified a number of trends:
The people who Citizens Advice Chesterfield help with these issues are likely to be significantly more disadvantaged than the people of the Borough overall, the profile of people who use Citizens Advice Chesterfield & the profile of people seeking their help with all debt problems.
The findings of the report were that:
The report, published in July 2017, is available to download HERE.
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