Payday loans can be tempting. Like fast food they offer a quick fix at the expense of your health.

Do you think 13% to 29% credit card and traditional loan interest rates are outrageous? Consumers are charged on average between 200% and 500% APR for payday loans.

On top of that, consumers who use payday loans are very likely to fall even further behind and end up on a “payday loan treadmill.” The cycle starts when consumers get a new payday loan to pay off other payday loans. Like the calories contained in fast food, the ever increasing number of loans has a way of building up, making the debt almost impossible to work off.

Some alternatives to payday loans include:

• Contact your creditors and request temporary extended due dates.
• Increase your income.
• Borrow from family or friends.
• Immediately decrease your monthly expenses like cable, groceries, entertainment.
• Pay with your lowest-rate credit card.
• Investigate a debt management plan with a credit counseling agency to see if you can reduce your monthly payments.