Pay day loans offer an affordable way to avoid spending on credit cards, as it is revealed that credit card lending increased by £0.2 billion in January.

The figures released from the Bank of England show that British consumers are still struggling with debt, with many in need of short term cash fast in order to pay outstanding bills. More and more Brits remain reliant on their credit cards to fund their lives. In January, housing charity Shelter revealed that up to 1 million people are paying their rent or mortgages on their credit cards each month.

Increase Cost of Credit Card Lending

Using a credit card for daily purchases is now more costly than at any time in more than a decade as interest rate charges hit a 12 year high.

As a result of the spiralling costs of using a credit card, as well as the reluctance of many banks to lend to anyone that they may see as a risk, more and more cash strapped Brits in employment are opting instead for payday loans to solve their emergency money worries.