RIP-OFF ALERT: Payday lenders offer consumers an easy way to bury themselves under mounds of debt. The typical payday lender allows you to walk into their establishment, turn over a personal check that's postdated to your next pay date and walk out with cash -- minus some high fees.

How high exactly? Try 391% as an annualized percentage rate! The February issue of Consumer Reports features an article with mention of a high school principal in Albuquerque, New Mexico, who paid more than 600% APR.

Some states like Ohio have capped the interest rate at 36%, which has effectively driven payday lenders out of the state. But The Chicago Tribune also reports that some payday lenders are getting around restrictions by making loans over the Internet.

The military has long had a problem with soldiers not being allowed to deploy because they couldn't get security clearance after their finances were fouled up by payday lenders. So Congress had to cap the loan rates to soldiers and their families at 36% as well.

Some credit unions are now coming up with short-term loan programs to siphon business away from the payday lenders. One credit union even bought a large payday lender and is trying to figure out how to best offer convenience and reasonable rates.

But know this: Whatever problem you think you're solving by taking out a payday loan, you're actually only making things worse.