Many people say that the payday loan industry provides a service for which there is genuine demand. Although that's true, I maintain that it is more of a vice than a service. I think that people would be better off going to friends and family or selling something on ebay or at a garage sale if they genuinely need money. The real issue is that people rarely use payday loans to get out of tight spots; people use them repetitively as an addictive crutch. The poor and less educated are more susceptible to the payday loan myth and it leads them down a vicious spiral which often hurts their credit and always costs them more than it's worth.

I understand the laws of supply and demand, but I think that in this case people act irrationally or at most rationally with limited knowledge of what it is actually costing them. I maintain that the resources that go into payday loan business would be better used somewhere else.

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