Even During a Crisis, Payday Loans Are Still a Bad Idea

Many Americans are struggling during the credit crisis, but we still have to be smart about how we spend and borrow money. Payday loans were a bad idea before the credit crisis. They're a bad idea during the credit crisis. And they'll be a bad idea after the credit crisis. No matter how bleak your financial picture may look, payday loans aren't the answer. Take some time to read about why payday loans are so bad. I'll give you a hint, because they're predatory and expensive.

If you're looking for a short-term financial solution, check out 15 payday loan alternatives.

If you're doing pretty good right now and you have some money left over after bills, start building an emergency fund. Having some money set aside for emergencies will ensure you don't have to resort to payday loans when times get tough.