For millions of Americans, pay day can’t come quickly enough. In fact, many employees run out of cash before the next paycheck is handed over.

Payday lenders have recognized that future profit center and jumped into the void. They will “cash” your future paycheck, at a fairly exorbitant rate of interest.

They’ll hand over the money, which you’ll have to pay back with interest when your check actually arrives. The only problem is that when the check arrives, you may not have enough cash to pay the interest charges.

If you can’t pay them, they’ll roll over onto the next check, and the one after that, until you’re paying interest on interest on interest.

Which for many people just puts them further and further into a hole so deep that they can’t climb out of it.

Today’s New York Times ( reports on a new twist to the payday profit trail — supposedly non-profit payday lenders. Can there be such a thing?

For my money, there are only two ways to plug a financial hole: Find a way to earn more money (take a second or even a third job) or cut way back on your spending.

Aug. 28, 2007.