Synthetic drugs, also referred to as designer or club drugs, are chemically-created in a lab to mimic another drug such as marijuana, cocaine or morphine.
The resulting designer drugs typically have a new different effect on the brain or behavior. Because these drugs are created in illegal labs, their ingredients and strength are almost impossible to know.
There are more than 200 identified synthetic drug compounds and more than 90 different synthetic drug marijuana compounds.
Many of these synthetic drugs are made in foreign countries and then smuggled into the United States. Clandestinely-made drugs have no manufacturing safety standards that are normally required by the Food and Drug Administration (FDA).
The effects of synthetic drug use can include: anxiety, aggressive behavior, paranoia, seizures, loss of consciousness, nausea, vomiting and even coma or death.
Now why are we talking about these products and loans, in particular payday loans? The fact is that 6.6% of students spend their student loans on drugs. Another problem is that student loan money is also spent on alcohol. If we talk about payday loans, then taking out one of these to fix a cash shortage problem is not a good idea.
Student loans make borrowers think only of their current financial situation rather than the long term ramifications. Ditto for payday loans. By not being able to pay back the loan on the specified date, the interest rate and the repayments can get out of hand.
Borrowing responsibly applies not only to long term student loans, but the short term loans, be they personal loans, instalment loans or payday loans.
The survey also highlights another problem that has a direct impact on how well borrowers fair in repayment. Many college students have little knowledge of financial aid, how it works, and how much borrowing money is going to cost them down the road.