Fayetteville, NC -- (SBWIRE) -- 03/11/2016 -- The Western market has seen a steady rise in the popularity of payday loans amongst many people. These short term loans are known for their feasibility on the internet. However, the high rates of interest are creating a financial crunch in the lives of the lower economic group. At visit http://phcportfolio.com/will-regulators-force-payday-lenders-into-extinction/, users can get information on how the authorities in the USA, UK and Canada and working to put a curb on the same.

Their article claims that in the USA, the regulations for have been outlined and are ready to be implemented shortly. This will ensure that the interest rates charged by the lenders are not above the cap. There are certain states in the US which do not have any stringent rules with regards to payday loans and these new guidelines are said to be a welcome relief for borrowers.

Payday loans are quite easy to get since there is no waiting period and the checks are also minimal. These started as emergency loans and have taken up a large part of the lending industry in the recent past. Owing the global economic showdown, many people have started falling prey to these high interest loans and are unable to manage their debts now.

The website says, "It will be quite some time until people around the world realize that payday loans are not a blessing. In fact, these have been so designed as to pull them further into huge debts and continue relying on such loans for a long time to come. Apart from using them on necessities, these loans have also been used to pay off other loan interests. It has become a habit and people do not realize the implications of the same on their lives."

To obtain more information about the article, visit http://phcportfolio.com/will-regulators-force-payday-lenders-into-extinction/.

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The website claims that anyone who has queries on related subjects can use the online contact form for answers. There are many subjects that have been discussed in the forum. The writers of these articles encourage people to take informed decisions when it comes to loans and other financial plans. Though payday loans may seem like attractive solutions, they are meant to surge the spending patterns of people.

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