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Although payday lenders advertise as if they were friends in your moment of need, payday loans throw most borrowers into a cycle of debt, dulling their ability to make a living. The payday loan industry thrives upon a web of myths.
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<p>By Alex Mikulich, P.h.D.</p>
<p>In Shakespeare&#39;s <em>Hamlet</em>, Polonius instructs his son Laertes: &quot;Neither a borrower nor lender be, for loan oft loses both itself and friend, and borrowing dulls the edge of husbandry.&quot; The wisdom in Shakespeare&#39;s time was that too often one would lose both money and friend through borrowing or lending. Even worse, borrowing or lending would dull one&#39;s ability to make a living (husbandry). Ultimately, Polonius instructs his son: &quot;To thy own self be true.&quot;</p>
<p>Shakespeare&#39;s wisdom endures in the case of predatory lending. Although payday lenders advertise as if they were friends in your moment of need, payday loans throw most borrowers into a cycle of debt, dulling their ability to make a living.&nbsp;</p>
<p>The payday loan industry thrives upon a web of myths. <a href="https://jsri.loyno.edu/sites/loyno.edu.jsri/files/JSRI Spring Quarterly 2014 Payday_0.pdf">MORE&gt;&gt;</a></p>