When you’re in credit card debt, you may be searching for a way to get out of it fast. The option of a payday loan might come to mind. The purpose of a payday lender is to offer a solution for short term emergencies. They aren’t meant to be a long-term fix for credit card debt. Why? In a nutshell, it’s because they are expensive.

Their interest rates are huge.

On the other hand, they do have their advantages. You can get your loan extended if you need to and there is no credit check to get started. But, that’s where the advantages end. If you don’t pay back the loan when it’s due, your fees could double. You could end up owing three times the amount of the credit card debt.