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A Viscious Cycle
Many turn to payday loans to help avoid issues like long-term debt, borrowing from friends and family and cutting back on other expenses, but a survey from the Pew Charitable Trusts found that these loans can cause more problems for borrowers than good. Only 14 percent of loan borrowers said they could afford to pay back an average $400 payday loan out of their monthly budgets. Fifty-eight percent said they have trouble meeting their monthly expenses at least half the time.
(Photo: Getty Images/STOCK)
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