New Research Suggests That Credit Card Crunch Day - The Day People Turn To Credit Cards When Their Cash Starts To Run Out - Arrives On Average 21 Days After Payday In British Households

New research suggests that 'Credit Card Crunch Day' - the day people turn to credit cards when their cash starts to run out - arrives on average 21 days after payday in British households.

Research by price comparison site Moneysupermarket.com, found a quarter of us - around 11 million people - rely on credit cards when their current accounts run dry. While 21 days is the average period most people go before reaching for the plastic, 9% are spending on credit cards less than 15 days after they've been paid. 35% of people are using credit cards monthly for everyday items like petrol, and food, but a further 32% put more expensive items like holidays on their cards.

It's easy to see why people are using credit cards to help get to payday. Wages are not going up but everything else is. Food, petrol and large rises in household bills all add up, straining household finances. But what if you don't have a credit card option?

Nearly everyone has a need for credit at some point. Some people just need money quickly to cover unexpected bills, while some want an innovative and hassle free loan option to suit their needs.

Due to the current financial situation and a mix of personal circumstances an increasing amount of people are now finding it difficult to find any type of credit using traditional lenders. Just like the majority of people they also need access to cash to get to the end of the month. That's why a number of companies have developed online payday loans no credit check Loans.

The advantages of a payday loan are that they are easy to apply for, quickly approved and the funds can be in your bank account on the day you apply with little fuss. They can be a valid alternative to paying for bills by credit card or incurring overdraft charges. Even people with a less than perfect credit record can apply for a payday loan.

A growing number of eligible UK residents are taking advantage of these loans. A loan that you are obligated to pay off on your next payday. Tony, a self employed carpenter from Northampton said: "I work in the building industry and my wages have been up and down over the past few years. At points I've been left short and haven't been able to pay some bills. As a result my credit score isn't great. The last time I needed some extra money was when my van needed some essential maintenance and I was still able to secure a payday loan. A life-saver, as I need my van for work".

Payday loans are now used by tens of thousands of people in the UK each week who face short-term cash flow problems like Tony's.



In summary, a payday loan is meant to fulfil a short term need for money. To pay for car repairs or unexpected travelling expenses for example. A online payday loans no credit check loan is easy to apply for online payday loans no credit check, quickly approved and the funds can be in your account on the same day. Most payday lenders don't ask why you need the money, so there are no embarrassing questions. Even people with a less than perfect credit record can apply for a payday loan as they often do not require a credit assessment and are paid back by direct debit on your next payday.

Credit cards and payday loans can be a good short-term way to pay your daily expenses, but you need to make sure you're not slipping into debt you can't afford. It's worth shopping around for better credit card interest rates to keep your repayments as low as possible.

For more information visit: website Strapped Families Are Relying on Credit Cards When Bank Accounts Are Empty.

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