Why Payday Loans Are a Really BAD Idea

This video is a quick clip from Consumeraffairs.com. I like it because it quickly summarizes the reasons why payday loans are a very, very bad idea for borrowers. The main problems are 1) high interest rates and 2) the fact that high interest loans keep borrowers dependent on the payday lender, thus racking up very, very high interest rates and ensuring the borrowers remain impoverished.

The clip is only a minute long, so check it out.