(BPT) - A new study reveals how much people lose by borrowing money from sources like payday loans or online installment loans. High interest rates, balloon payments and fees can send you into a downward spiral of debt that increases over time, further damaging the credit history you wanted to build. The new “True Cost of a Loan” study by Financial Health Network and commissioned by Oportun shows how the kind of loan you choose can cost thousands of dollars over the life of the loan.

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