Part 3/11:
Transitioning to level two often involves taking on payday loans. This marks the first encounter with debt for many, often arising from urgent needs and a lack of savings. Payday loans are marketed as quick fixes but come laden with exorbitant interest rates that can trap borrowers in a cycle of debt. Contrary to the commonly held perception that payday borrowing is indicative of laziness, many borrowers are actively working but still struggle financially.