Salt Lake City, UT -- (SBWIRE) -- 03/07/2016 -- Payday lender advertising practices and the impact they have on grownups and kids alike, have been taken into consideration by the financial regulatory authorities.

While the debt recollection strategies and techniques of payday lending companies, exorbitant interest rates they charge, are already raising alarm bells, focus should also be on their advertising practices. After all, they tend to promote the culture of borrowing beyond one's means without understanding the consequences. This instant gratification culture that these advertisements promote is now being questioned.

It's interesting to note that this is not the first time the advertisements from these companies have been under scrutiny. Some of them have been previously banned for encouraging wrong outlook towards borrowing. But things have gone to another level altogether with the catchy advertisements and jingles making their mark with children. It has been seen that kids are pushing their parents to opt for these loans to buy them things they want.

According to experts in the field, what payday companies have thus effectively done is told the upcoming generation that borrowing is an easy solution to their financial problems. There are many families all over the country that have been caught in debt cycles that are virtually un-payable. It has led to financial crisis that is quite deep and with this impact on the future generation things are only going to get worse if not controlled at the right time.

While payday loan companies are asked to use more ethical means for debt collection, they also need to be encouraged to advertise their loan offers along with the risks involved. They cannot back away from the responsibility claiming that they are not aware of the impact habitual borrowing can have on the society. However at the same time the onus of responsible borrowing also lies with the consumer.

The good news is that there are online companies that help users find ethical and regulated lenders as far as payday loans are concerned. Consumers can make the most out of these services and not fall for advertising that leads to reckless borrowing.

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