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New year crisis over huge debts from pay day loans

Pay day loans have led to a huge jump in the number of people struggling with debt, with a rise in people seeking debt advice of more than 250% in parts of the south east of England in the last five years.

The Citizens Advice Bureau says some companies are charging up to 4,000% annual interest, leaving thousands of people facing a huge debt at the start of the new year.

  • 02 Jan 2013