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Some months have gone by since Britain exited the recession. Now, the economy is dealing with the big clean-up, and the new coalition government is attempting this by bringing in a tough new budget. These include plans for public spending cuts and tax increases. But is the UK getting any better at dealing with debt?

If the latest surveys are anything to go by, regular British consumers are getting better at repaying their outstanding debts, but doesn’t automatically convey that they aren’t stacking up more debts. Saving has increased, so obviously there is evidence which shows that people are behaving carefully about how much cash they hand out. However a survey can only show a general medium for the whole country. Truthfully, individual debt is still very high and there are lots of people who experience a daily struggle with money.

On a regular basis, there are new warnings about unsafe loan providers like loans sharks, which offer illegal loans to individuals who are desperate for money. Loan sharks are not offially registered as lenders, and usually charge extremely high interest rates, which the individual will never be able to pay off. When the borrower ends in trouble with the loan, the loan shark will either provide more cash at even more extreme interest rates or introduce threatening or violent behaviour to demand settlement.

At no time is it worthwhile using a loan shark because the situation will inevitably end badly. Yet what about alternative independent loans on offer these days? What exactly is on offer and which products are secure? There are loads of perfectly legitimate loans on the UK loan market these days. These include payday loans or wage day loans, logbook loans, guarantor loans and many more independent credit products. They are not generally offered by commercial banks but are often found on the internet or in television adverts.

Cash advance loans are on offer to borrowers who do not represent the ideal borrower, or who could have been turned away for a loan from a mainstream bank. So even if a borrower has been to court for bankruptcy or is jobless, they will usually be taken on by guarantor loans lenders. Because the borrower carries a larger risk factor to the lender, the rates on pay day loans are generally a bit more steep compared with other loans. This is due to the fact that the borrower is more likely to have some difficulty to settle the loan, taking into account their past performance with loans. By bringing in a slightly higher borrowing rate, the loan provider is managing the extra risk factor. However, payday loan provides are (in the majority of cases) fully legal lenders and won’t resort to any of the strategies utilized by loan sharks. To be sure, it is fantastic relief to an individual who is hard up, that they can borrow up to 500 pounds and receive the cash in a short space of time. However if they have lots of existing debts, then it may be unwise to take more debts.