The Tremendous Risks in Taking Payday Loans

The news article headline in the Salt Lake Tribune this week says it all:

Average Utah payday loan interest rate rises to nearly 528% annually — double what Mafia loan sharks charged in the 1960s

And to think:  It’s legal.  Payday loans — avoid them.  Do something else to tide you over to the next paycheck.  If  you take out a payday loan, you’ll only be making your problem worse. If you’re maxed out and struggling, talk to a lawyer and examine all your options before you make uninformed decisions  and start rejecting effective solutions out of hand.

 

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