CBS: Payday Advance Loans Seem Simple, But Can Lead To Endless Cycle Of Debt

"In the current state of the economy, about 2,600 Americans a day file for bankruptcy. Others are turning to a financial quick fix called "payday loans."

They've now grown into a $59 billion industry.

But six states - Arkansas, Georgia, New Hampshire, North Carolina, Ohio and Oregon as well as the District of Columbia - have now effectively banned these loans, and CBS News chief investigative correspondent Armen Keteyian looks at why.