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Rocketing numbers of borrowers who have taken out payday loans are desperately seeking help as they struggle to pay off their debts. In the past six months, 9,500 calls were made to the National Debtline — more than double the number made in the same period last year. Families forced to turn to short-term loans — which can charge interest as high as 16,000 per cent — are becoming locked into a cycle of debt. The Money Advice Trust says the crux of the problem is borrowers taking out multiple loans when they cannot pay back the original loan. Joanna Elson, chief executive of the Trust, says: ‘Payday loans have a dangerous tendency to make a bad situation significantly worse.’ Payday loans companies have been dubbed ‘High Street vultures’ by debt campaigners for targeting hard-pressed families. Read more: http://www.dailymail.co.uk/money/cardsloans/article-2181836/Calls-payday-loan-helpline-soar-borrowers-struggle-pay-debts.html#ixzz22LVm8WYB