Currently have multiple short term or payday loans out?  Odds are you are in the middle of the  paying back payday loans nightmare.  Unlike credit cards and other types of loans or credit lines, payday loans carry unimaginable interest rates and their payments can break the bank. Those who have become over-extended in payday loan debt often have no answers or ability to pay them back under their current terms. Why? Again in a word, interest. Paying Back Payday Loans Take an example of a borrower who takes out a $500 payday loan. The general terms of the loan may …