San Fransisco, CA -- (SBWIRE) -- 06/06/2012 -- With the advent of the global recession, financiers have been looking at new ways in which to capitalize upon the shortfalls it has caused in the average person’s standard of living. With rising utility prices and a higher overall cost of living, more and more people are struggling to pay their bills. When they fall short, payday loans can seem like an attractive solution.
But these loans can be dangerous, and if people cannot afford to pay them back, they risk quickly falling into the inescapable quicksand of mounting debt, often worsening the problem they were created to solve.
About Payday™ is a non-profit organization that has recently launched its web presence to educate the people of the United States about payday loans. The organization refers to these practices as “predatory lending”, making it clear from the outset that the design of these schemes is meant to benefit the financiers who prey on those who can least afford these high-priced services.
The website makes excellent use of infographics- illustrated guides of payday loan statistics that amount to a walk-through of the key issues pertaining to payday loans. By using images to help quickly contextualize facts, and describing the practice in jargon-free plain English, the information is presented as accessibly as possible for the maximum number of people to easily understand it.
These infographics are then supported by bullet-point conclusions to make sure the message is clear, for instance, “The more you borrow from a payday loan company, the more likely you are to be buried by the debt.”
Perhaps most startling is the APR level table, which makes clear the cavernous divide between payday loan finance charges and other types of credit, with sometimes maligned credit card cash advances at 57%, where payday loans come in at a whopping 426%.
Spokesman Jack Limson explained, “These predatory loan systems are built to capitalize on presenting a very specific, reductionist view of their service. These companies promote themselves as quick and easy, but handily neglect to explain in detail the tremendous cost that comes with it. Consumers are unlikely to do the kind of research we’ve compiled, and that’s exactly why we’ve done it- to arm consumers with the end results of that research so they can avoid being caught in an inescapable debt-trap.”
About About Payday™
About Payday™ is a non-profit organization that was created to warn consumers about the risks associated with payday loans. For more information please visit: http://www.aboutpayday.com/