Huge numbers of people are caught within the cycle that is vicious of loan financial obligation on a yearly basis. High interest levels and charges escalate financial obligation of borrowers within a month or two. A large number of borrowers have economically exhausted right after paying high rates of interest months after months. Their bank accounts become empty and borrowers are charged overdraft costs, their records are assigned to business collection agencies agencies, and credit history gets to a spiral that is downward. ItвЂ™s almost impossible to eliminate payday loans unless they get help of debt relief programs.