If you thought that all customers from the cash tillÂ payday lenders were on a low income, think again. It doesn’t matter who you are, how you look or what your status in life is, it’s all cash to the payday lenders, and any of us can get into financial problems. Here is the story of a high earner from the city who got into trouble with money after living the life of excess.
If you saw Daniela on the street no one would blame you for thinking that she was a really successful woman that had it all going for her. She has a Â£1000 Gucci handbag slung across her shoulder and all her clothes are from the top designers. She is sexy and very confident in herself. Dig a little deeper though and the story is quite different to what you might think. Daniela came to London ten years ago and has excelled in her career as a head-hunter, earning upwards of Â£90.000 a year, plus bonuses.
To most people that would sound like a very good salary, and it is, but in reality Daniela has experienced real financial problems, and admits to have regularly taken out cash till payday loans to help maintain her city lifestyle. Daniela confesses that she has never been very good with money and that when she began to earn well, the temptations of city life coupled with the high demands of her peers really began to take a toll on her finances.
She said âThe pressure on women to look good in the city is greater than those upon men, and we are constantly judged on our appearance, leading to a large expenditure on clothing and accessories. On top of this the city night life, drugs and partying doesn’t come cheap, and I find myself easily spending upwards of Â£500 on a single night outâ.
She had to start borrowing cash till payday as a quick solution to her money problems but when things started to spiral out of control and the debts mounted up to Â£1400 she knew that she had a problem. She says that âmany high earners in the city rarely earn enough money to cover the cost of their extravagant lifestyles and lots of them are struggling financially, despite outward appearancesâ.
Daniela was able to pay off her debts after quite a short period because of her high salary and some help from her dad, but said that âI would have hated to face these problems if I was poor with little chance of making payments, I was an idiot to have got myself into this predicament and have learnt from the experienceâ.
Addiction leads To Loans
A leading Harley Street addiction therapist Mark Dempster said that he was surprised at the mounting number of his clients that have been using cash till payday loans to get them through. He said âThese are highly paid people having to get help from their parents to pay off loans of thousands,â he added âAll the money that they generate through their income is going straight out on high interest repayments â the stress and even depression it causes is hugeâ. Many high flyers in the city succumb to bad habits like gambling and cocaine addiction with little thought to the damage these addictions have on the health of themselves or their bank balances.