http://personalmoneystore.com/moneyblog/2008/10/20/are-payday-loans-responsible-for-the-cycle-of-debt/ In Business First of Columbus there was an article titled Credit Counselors Steer Clients Clear of Payday LoansBanks are pointing the finger at everyone else around them\n\nThe article says: The nonprofit research group Policy Matters Ohio is putting its support behind efforts to keep new restrictions on payday lenders in place, citing the loans they issue create a cycle of debt for their clients.\n\nI feltedcompelled to comment as financial institutions are pointing the finger at everyone else around them in regards to the financial crisis our country is currently enduring. Others are using the crisis to advance their own agenda as evidenced in the quoted article above.Payday loans did not cause the financial crisis.\n\nPayday loans are not responsible for the cyclical debt that we are seeing across America. This is solely the negligence and irresponsibility of the banks. You dont have to look any further than the 700 billion dollar bailout to see the truth in this.\n\nA payday loan can save you money.\n\nIn contrast to the quoted article, most individuals borrow a payday loan to help avoid the cycle of debt from occurring. For example, a late mortgage payment can cost a homeowner easily $60 to $100 dollars or more in penalty fees. By borrowing a $100 payday loan to meet the mortgage payment and avoid the penalty fee you could save yourself $45 to $85.\n\nPayday loans provide everyone a quick and efficient way to avoid the pile up of debt resulting from consumer credit card and bank loan penalties. As with any financial loan however, it is the borrows responsibility to only borrow what they can afford to payback. The responsible use of payday loans is strongly encouraged no matter what financial institution you are borrowing from. blog, borrowing, commentary, debt, fax, government, laws, legal, loans, news, no, payday, podcast, regulation