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Payday loans are a dangerous way to borrow money, and charge an annual interest rate of almost 400%.

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What Is Consumer Debt?

Consumer debt consists of personal debts that are owed as a result of purchasing goods that are used for individual or household consumption. Credit card debt, student loans, auto loans, mortgages, and payday loans are all examples of consumer debt.
 


Payday loans are a dangerous way to borrow money, and charge an annual interest rate of almost 400%.






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