Debt problems attract loan sharks

Many people struggling with debt have contacted a loan shark or doorstep lender rather than seeking proper advice.

That's according to a survey by debt experts R3 who found that seven percent of the people they surveyed had been tempted to risk further debt with the high interest loans.

Out of nearly one million people questioned, 67,000 said that they had contacted a loan shark and another 13 percent said they had considered it.

The report also found that nearly a quarter of people with problem debt avoided contact with people they owed money to.

The study concluded that many people were getting misleading debt advice and putting themselves at greater risk of bankruptcy by going to the wrong source for debt help.

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