Millions turn to payday loans, insolvency experts say

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Millions of Britons are likely to take out a high-interest loan in the next six months to last them until payday, a group of insolvency experts claims.

R3, which represents "professionals working with financially troubled individuals and businesses", bases its claim on interviews with 2,000 people.

Some 60% of those surveyed worried about their level of debt, and 45% struggled to make their money last till payday, R3 said.

Chris Buckler reports.

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