Why You Should Avoid Payday Loans
Chronic-Debt-Situation is the need to repeatedly utilize high-interest rate loans that decrease the borrower’s purchasing power.
Example: a 20% interest payday loan reduces the value of a borrower’s dollar to $0.80—a significant financial loss.
The annual payday loan market is estimated to be $46 billion, with 5 million customers—their cost of borrowing, $3.5 billion.
You could possibly resolve, or avoid the chronic-debt-situation with a lower interest rate, debt consolidating, unsecured personal loan.