Desperate for a few hundred dollars to tide them over until payday, many Americans resort to cash or check advances—also known as payday loans.
But the vast majority of these short-term advances are not paid off within two weeks, and in fact are rolled over or followed by another loan, according to the Consumer Financial Protection Bureau. Plus, few borrowers lower principal amounts between loans. The upshot can be a vicious, downward cycle into deeper debt.
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