According to Consumer Focus, ‘payday loans in the United Kingdom are a rapidly growing industry, with four times as many people using them in 2009 compared to 2006. The average loan size is around £300, and two-thirds of borrowers have annual incomes below £25,000’.
A recent article on the BBC website claimed that people in the UK are likely to take out a high interest loan in the next six months to last them until payday. During the Festive period, it can be particularly tempting to take out these types of loans to meet the additional costs involved in buying presents and providing big meals for guests, however it is important to proceed with caution and consider the consequences of such arrangements. The information that follows is designed to give individuals the information that they need in order to make an informed decision about whether to take out a payday loan, and the risks involved.
I recently attended a meeting of the Cheshire East Local Involvement Network (LINk) where a speaker from Jobcentre Plus gave a talk on the government's changes to Incapacity Benefit, and how these might affect people with mental health difficulties. It was an interesting and candid talk, and contained a lot of information useful to people who depend on this benefit or those who care for them.
Losing a job, or being out of work for any reason, is hard financially. Many people who have become unemployed or are struggling financially will experience stress associated with not having enough money to pay for daily necessities. However the effects of long-term unemployment can far exceed the impact on your finances.
The most common psychological problems associated with unemployment are anxiety and depression. A study by the Department of Work and Pensions (DWP) established a positive association between unemployment and poor mental health. The study also found that unemployment is also associated with an increased risk of suicide.
Other factors to consider relating to unemployment and mental health are drug and alcohol abuse.
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