Although this article was published eight years ago, the advice it offered is still sound.

The Consumer Federation of America offers these alternatives:

- Make a realistic budget and build a nest egg of savings to avoid the need to borrow small sums to meet emergencies and unexpected expenses. Just $300 in a savings account would save payday loan borrowers the steep fees.

- Shop for the lowest cost credit available from cash advances on credit cards, small loans from a credit union or a small loan company. Consider asking your employer for an advance or turning to friends or family when an emergency arises. Put in writing a good faith agreement to pay them back by a certain date.

- Some community-based organizations may make small business loans to individuals.

- Ask for more time to pay utility bills.

- Compare both the annual percentage rate and the finance charge to get the lowest cost credit. Do not simply compare the payday loan fee with a bank bounced-check charge.

- Consider overdraft protection for your checking account.

- If payday loans are the only alternative, borrow only an amount that is affordable, enough that can be paid with the next paycheck and still have money left to live on for the next few weeks.