by Ysabel J. Doran

Created on: June 04, 2008   Last Updated: June 27, 2008

If you've ever been short of cash for the bills or groceries, and who among us has not, then you've considered, at least briefly, those TV ads - you've seen them - a cash poor couple contemplates a way out of their cash shortage dilemma, desperate for a solution. In the next scene you see the happy couple exiting the payday loan store or the pawn shop with cash literally in hand, displayed prominently for the camera. Voila, problem solved, right? Wrong.

That happy scenario is a deceptive lure designed to trap you in a cycle of high interest debt. And even if you easily recognize this quick-cash scheme, you should be aware there are plenty of variations on the theme. Here are five "easy cash" propositions that prey upon us in our most trying cash crunch situations:

1. Short term lenders or payday loan stores (here you should think of that finned aquatic predator of movie fame): The Center for Responsible Lending did a study in 2006 which revealed that nation wide, short term lenders charge an average 400% annual interest rate on their loans. That's an astronomical rate which consumers typically cannot bear. Sure enough, the same study found that 90% of payday loan revenues comes from borrowers who are unable to repay their loans on time, and consequently become bound to the loan companies for successive loans. (Auto title loans fall into this catagory too.)

2. Pawn shops: Pawn shops tempt you with the idea that you'll be able to retrieve your belongings ... maybe? Maybe not. Most people do not get their pawned valuables out of hock, hence the great shopping deals you'll find at a pawn shop. And the money offered is far less than the resale value of your pawned goods. After all, the pawn broker is in the business for a profit.

3. Multiple credit cards: Your mailbox (and email in-box) is full of low interest credit card offers. But the introductory rates on these cards is temporary. Huge interest rate hikes are spelled out in the copious fine print that these lenders know you aren't likely to read. This type of credit card company is aware that theirs is not the only card in your wallet. They like it that way since they want you to increase your balance and maintain it at a maximum interest rate. It's the same idea that's behind payday loans, just with a piece of plastic that lets you borrow more at any retail establishment.

4. Unsecured loans: Because they're offered by banks or other high profile institutions, you feel assured of the wisdom of taking the loan. However,

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