A report by Demos has found that there are several locations across the country described as "credit deserts" in which only high cost, short term loans are available.
These "credit deserts" often have a very high rate of payday loan debt, personal insolvencies and County Court Judgments.
The report has called on the government to contribute in improving areas considered as "credit deserts".
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While there are many ‘credit havens’, where there is a low credit need and a plethora of affordable credit options, there are also ‘credit deserts’, marked by limited access to sustainable credit options, where people have little choice but to turn to high cost, short term credit providers, like payday lenders and pawn shops.
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