A sure fire way to stay in debt-Use Payday lenders

A full three-quarters of the payday industry's loan volume is generated by borrowers who, after repaying one payday loan, must take out another before their next paycheck, according to the Center for Responsible Lending.

The report examined the loan activity of the more than 80% of borrowers who take out more than one payday loan a year. The borrowers generally opened new loans soon after repaying the old one, with 87% of all new loans occurring during the next pay period.

Nearly 59 million loans totaling more than $20 billion fit this pattern, accounting for three-quarters of all payday loan volume, the study found. The loans resulted in $3.5 billion worth of fees each year.

Payday loans require borrowers to sign over their next paycheck in exchange for a cash advance of a few hundred dollars with an interest rate as high as 400%.