Payday loans data suggests that Brits spent 2011 reducing their debts
The latest figures from www.speedeloans.com highlight that the average customer in December 2011 had 30% less debt than an average customer in December 2010 – suggesting that last year, Brits managed their finances responsibly by cutting their debt.
The average payday loans customer non-related debt was down from £8,559 in Dec 2010 to £5,596 in Dec 2011.
But while they may have cut their overall debt, they may also have cut loose and treated themselves at Christmas. The payday loans lender completed nearly three times as many loans in December 2011 compared with December 2010.
Mr. Miller-Cheevers, CEO from speedeloans says: “This may suggest that after a long, hard year of scrimping and saving, people were sticking their fingers up at the Recession and decided they were going to celebrate Christmas properly.”
The figures also revealed that, compared with December 2010, the average payday loans customer in December 2011 was:
- earning 3% more (the average Dec 2011 monthly pay being £1,745 compared with £1,701 for the same period 2010);
- had a better public credit score (increasing from 481 in Dec 2010 to 497 in Dec 2011).*
Mr. Miller-Cheevers continues: “This data seems to indicate that despite the Recession, people are overall earning more and having less debt – all positive signs. “
Ends
*A higher Public Credit Score indicates that the customer is a better risk.
CONTACT:
Gary Miller-Cheevers, speedeloans.com, CEO, telephone: 0844 879 3199 or 07545 148121, email: gmc@speedeloans.com
Stella Hulott, Speedie PR, telephone: 01843 831088 or 07932 750271, email: stella.hulott@speediepr.co.uk
ABOUT US:
speedeloans.com is a practical alternative to banks that can no longer help their customers with their short term financial needs. Privately backed by people who understand our customers, our mission is to provide instant decisions and two hour money whenever they need it.
We are at the cutting edge of modern consumer finance by offering small, short term loans online with real speed and ease. We are flexible and paper free which means you can apply using our easy-to-use website whenever you need cash in a hurry. We have a consumer credit licence from the Office of Fair Trading.
In August 2011 we won an award for “Most Responsible Lender” which we welcome as proof that we are doing the right thing both for our own business, but also more importantly, our customers.
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