We usually hear about how expensive Payday Loans are compared to other loan types or credit cards. However, most people who carry a balance on their credit card and only make minimum payments might be actually financially off much worse compared to a cash advance loan and the amount they owe is most likely 10-15 times higher compared to what a Payday Loan ever amounts to. The problem is how our society talks about these 2 loan tools (and that's what credit card and Payday Loans are - loan tools) so differently. In a certain way credit card debt is always considered "good debt" while a Payday Loan is always considered "bad debt". I guess one reason is that the credit card industry is doing a much better job at lobbying to politicians compared to the Payday industry.
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