The car broke down. The refrigerator stopped working. Your son broke his teeth and your daughter broke a window. These are all common scenarios that impact millions of people worldwide. These are also instances when you wish you spent less on lattes and more on building an emergency fund. Payday loans serve as a valuable tool when you are out of options to cover an unforeseen expense. However, if not managed responsibly, this loan can act as a noose around your neck. As long as you know the terms and conditions of the agreement, be extra cautious about your money,…