As access to credit diminishes, Londoners are turning to riskier avenues to make ends meet, with three in ten (28%) admitting to relying on short-term, high-interest lenders-more than three times the national average (8%) as London struggles with the UK's highest inflation rates piling additional financial pressure on households in the capital.
Access to credit is crucial for individuals to invest in their futures, build credit scores, and navigate unforeseen financial challenges. However, without access to affordable and secure credit options, people may be forced to resort to high-cost alternatives, leading to long-term debt cycles and financial instability.
These financial hardships have led to a significant portion of Londoners struggling to repay loans, with 28% admitting that they have fallen into long-term debt due to borrowing money. Alarmingly, this burden falls heavily on London's younger population, with nearly half (46%) of those aged 18 to 34 finding themselves in long-term debt after borrowing money.
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