Figures from The Times has revealed that consumers are increasingly turning to short-term loan options in order to help them pay their bills throughout the month.

These payday loans have increaed in popularity over the last ten months as records indicate that the amount of Britons using them has more than doubled.

Chris Tapp, of Credit Action a debt charity, has urged caution for those thinking of taking a loan stating that this short term fix could in the long run make matters worse.

“Over the past year, payday loans have become an issue in the UK, and the growth in people who have problems who have such a loan has been notable in the last six months.” He said

He added, young people are particularly likely to use high-interest payday loans and credit cards as they do not have access to credit available to older people with properties and a longer credit history.