Detroit Free Press columnist Susan Tompor has this piece about payday advances: Quick cash still carries a high price.

A snippet:

Whatever you call these things, I’d still say it’s a foolish way to use your money.

A maximum fee structure in Michigan went into effect in 2006. The new state law did force some lenders to charge lower fees.

Now, a lender in Michigan can charge up to $29 for a $200 advance. A Michigan consumer can borrow up to $600 with one payday loan and it costs up to $76. Before the law changed, I talked to one Detroit man who paid $90 on a $500 payday loan. Now, you’d pay $65 for a $500 advance. On each transaction, the licensee may also charge the customer a 45-cent database verification fee.

Even so, people are still paying far, far too much.

If you find your household running short on cash to the point where a payday loan is looking like a good option, start looking for other options.

Yes, even middle-class families can get help with managing household expenses — especially those of you who have been struggling with layoffs and smaller paychecks. For emergency situations, read MSN’s Where to turn when you are desperate, and I followed up with a Monroe County, Mich., spin on that story. Be sure to read my sidebar Do you need assistance? Tips to read first if you plan to apply for any charity or public financial aid.

And to learn how to stay ahead of the race to payday on a more reliable basis, go to my sidebar How to gain financial literacy smarts.