Are Payday Loans Addictive?

821 Words Jun 15th, 2016 4 Pages
Are Payday Loans Addictive?

Are Payday Loans Addictive?
Payday loans can be addictive because they 're readily available and easy to get, so people turn to them often when they need cash to tide them over during financial emergencies. Unfortunately, these loans were meant only for short-term, emergency cash needs and carry high interest rates to keep them available to everyone--even people with bad credit. These loans, which are meant to be repaid from the next paycheck, can trap people in cycles of debt and become addictive. When financial needs arise, people can just apply for a payday loan and get money within a short period. The simplicity of the process can result in people ignoring their own best interests and applying for short-terms loans every time they come up a little short or want something that they can 't afford and shouldn 't buy. Payday loans--like credit cards, gambling and shopping--can certainly be addictive if borrowers aren 't careful to use the loans as intended.

What Is Addiction?
PsychologyToday.com asserts that addicttive behavior is seldom related to physical tolerance or particular substances but caused by emotional stress that forces people to take certain actions at certain times. These actions might be to alter reality through drugs, overeat or spend beyond a person 's means. Addiction invariably exacerbates the problems and traps addicts in vicious cycles. That 's exactly how payday loan addiction works, but the responsibility for the…

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