New statistics show that cash-strapped locals are sinking deeper into debt as they struggle to make ends meet.

Greenock & Inverclyde MSP Duncan McNeil says that the figure owed to payday lenders has risen by more than 50 per cent in Inverclyde within a year.

Mr McNeil blames poor pay and fears over job losses for the growing numbers of people turning to firms who offer quick cash loans – but charge exorbitant interest rates.

Mr McNeil highlighted statistics gathered by the StepChange Charity which show that between 2011 and 2012, the average amount owed by Inverclyde people involved with payday loan companies soared by £728 up to £1,957.

Equally worrying is the fact that the percentage of the charity’s local clients with payday loans almost doubled in the first three months of 2013.

Last year 16 per cent of Inverclyde residents had payday loans but this figure jumped to 31 per cent in the first three months of this year.

Mr McNeil has welcomed news to have stricter regulation of the payday lending market but says it is even more important to tackle the problems which cause people to turn to them in the first place.

He says proper pay and job security are key to stop vulnerable workers becoming victims.

The MSP added: “With work that doesn’t pay and zero hour contracts, as well as increases in the cost of living, it’s not surprising that many working people are turning to these loans just to get through the month.

“The recent plans by the Financial Conduct Authority to put stricter requirements for payday lenders are welcome.

“But if we are to fully address the issue we must recognise the wider factors at play.

“We need to provide people with job security and pay them a Living Wage.”