A child advocacy organization is taking aim at payday loans in Wyoming. They cite the high annual interest rates as their reason. They claim payday loans keep people in a debt trap.

First of all, what the heck does a child advocacy group have to do with products only available to those 18 and older? Kind of weird already. But let's talk about APR and debt traps.

What is so expensive about a dollar a day? For every hundred dollars borrowed, you pay about one dollar a day. For loans that should last no longer than two weeks, that's not a bad deal- $15 for every $100 borrowed.

So why do people insist on measuring these loans in annual interest rates? Yeah, if someone got a $500 payday loan for a year the interest would be terrible! That's why lenders only let you borrow up to your next payday. The point of the loan is to pay it back with your next paycheck, not roll it over and incur more fees.

Lenders want to get paid back. They don't want to rip off anyone and lose their money because the loan was too expensive. How is that a sound business model? This debt trap that peole speak of is a complete myth.

What trap? Do lenders lurk in the shadows, waiting for someone to get a loan they can't afford to pay back and then say "Gotcha!" Wow, you gave someone $500 you will never see again, you rogue you.

Payday loan critics are idiotic and ignorant. No one intelligent can have a beef with payday loans unless they have an agenda. Why would someone want to get rid of payday loans? Ask the lobbyists employed by banks and credit unions, they could tell you.