One of the easiest traps to get caught in if you're struggling financially is borrowing money at a high interest rate. And if you have bad credit or no credit, you're an easy target for payday loan lenders.Need the money now? No problem. Just pay an exorbitant amount of interest to borrow off your future paycheck, and you're back in the game. And it is a game you can't win.
Payday loans feed off the desperation of people who are struggling. Don't get caught in the trap. Read one mom's story of her downward spiral into payday loan hell here.