Out of Cash before Payday

With the recession, pay freezes and general living costs spiraling, it's no wonder the average Brit struggles to manage on their monthly salary.

According to recent statistics almost 1/3 of Britain's end up penniless before their next payday. It's a common occurrence for people to run out of money before payday and people are often finding themselves out of pocket up to two weeks before payday, causing a huge financial strain.

Budgeting is becoming more difficult each year and many young people are finding the latest economical climate the most challenging.

Overdrafts, credit cards or quick loans

These financial woes are affecting thousands across the country and many are finding the banks to be closing in on charges and interest. A huge proportion of Brits are going over their overdraft limits and furthering their debt problems.

Payday loans v bank charges

One way people across the country have tried to avoid these pitfalls are with quick loans or payday loans.

Avoiding charges and interest from banks by using other quick cash options such as payday loans can be effective if borrowers can make the repayments.

However, it has been strongly advised not to borrow unless these repayments can be comfortably met.

Disposable income has severely decreased for the average Brit and with most of a monthly income going on living expenses and essentials it's quite clear that careful money management and financial budgeting is the most effective way of keeping within means.