The Insolvency Service has warned young people to avoid payday loans as part of a debt campaign launched alongside UK debt charities. The regulator waded into the debate over high interest personal loans by urging people, particularly those aged between 25 and 34, to “avoid the pitfalls” of these products by seeking alternative forms of credit. It issued the warning after preliminary analysis of Debt Relief Orders (DROs), a formal debt solution, revealed that one in every four people using the debt solution falls into that age group, with more people seeking to enter a DRO to solve unmanageable debt problems....Read more here--: Insolvency Service warns on payday loans