Understanding Payday Loans: Free Lesson Plans from the Consumer Council
Thursday, 10 May 2012
Understanding Payday Loans – The Consumer Council launched its new education resource ‘Understanding Payday Loans’ as part of World Consumer Rights Day. The lesson plans are designed for adult education tutors and advice staff who are working with consumers. Although payday loans may be a quick and convenient way to obtain cash, it is particularly important for consumers to understand that if they are unable to pay back their original loan within the timeframe given, their debt could increase rapidly. Understanding Payday Loans’ is the first consumer education resource in the UK that will help consumers get to grips with how payday loans operate and the costs that are associated with this type of borrowing. These lesson plans aim to help learners:
• Understand the pros and cons of high interest and short term borrowing including pay day loans.
• Plan ahead for unexpected bills.
• Add up the cost of the roll over interest.