Payday loan to pay your mortgage?

The headline says it all “ A low, low interest rate of 396 percent” According to this article at CNN a large number of people in foreclosure counseling in Ohio, land of many a payday lender) also have payday loans. If that isn’t a recipe for disaster, what is?

Of note also is that a Republican legislator is proposing a cap on interest rates at a mere 36%. Which I do think would be a good first step.