Study: Payday loans usually lead to 6 months of debt

Payday lenders charge triple-digit interest -- sometimes more than 400 percent -- for two-week advances on paychecks.

The study by the Center For Responsible Lending says borrowers get stuck in a cycle of taking out new loans to pay back old ones. As a result of taking out multiple loans, the study found, the average borrower stays in debt more than six months a year.

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