A recent report by the U.S. Consumer Financial Protection Bureau said that most people who depend on payday loans tend to end up paying more than they borrowed initially, because of the loans’ high interest rates.

Richard Cordray, director of the Consumer Financial Protection Bureau, mentioned that payday loans can become “debt traps” for the people that borrow the loan. In many cases people with low incomes depend on payday loans, so paying the debt that the loans’ interest rates accrue can be financially daunting.

Attorney Ryan J. Really, Attorney at Law, PLLC, serves Florida people that are facing financial difficulties. If you are unable to pay your debts, you could benefit from legal representation. Call 513-621-0999 to learn about your legal options.