2 in 5 Millennials have taken out payday loans. Don’t fall into this trap. Richard Sherman will show you how to avoid them and what to do instead.

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Payday loans trap consumers with high interest rates and hidden fees. Many people see them as an easy and fast way out, until they get trapped in the cycle of chasing that debt and interest. On this episode of Adulting, Richard and Coach will teach you the importance of understanding how payday loans work, why they can be so enticing, and how to avoid the harm that comes with them.

To put it in perspective, the average interest on credit cards is 19%, and on college loans it’s 4.7%; while the average interest on payday loans is 400%! So, if you don’t pay them off in a reasonable amount of time, those high fees and interests might wind up costing you more than the loan itself. Richard and coach say, don’t even think about it. A payday loan is far worse than a late fee on your payment!

You’ve got to consider the long run. If you’re short on cash now, borrow money, do a garage sale or find other short term loans from your bank or creditor. Seek help, stay smart, and adult!

You’re adulting now, Adult! This is Adulting with Richard Sherman.

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