A recent federal report indicates that many of the people that borrow payday loans are often trapped into debt because of the loans’ high interest rates.
The report released by the U.S. Consumer Financial Protection Bureau showed that more than 80% of short-term loan borrowers either delayed paying the loan, or took out an additional loan.
In order to protect yourself from debt, financial planner, Gary Schatsky suggests that people put temporary expenses on a credit card or borrow money from a family member or friend instead getting a payday loan.
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