More than 80% of payday loans are rolled over or renewed within14 days, according to a new CFPB study released on Tuesday.

The study also revealed the majority of all payday loans aremade to borrowers who repeatedly renew the loans and pay more infees than the amount originally borrowed. Payday loans, also knownas cash advances or check loans, are typically $500 or less.

The CFPB found that one out of five payday borrowers collectingmonthly public benefits are trapped in debt.

“Payday borrowers who fall into this category include elderlyAmericans or disability recipients receiving Supplemental SecurityIncome and Social Security Disability,” the CFPB said.

The new study examined loans obtained within 14 days of payingoff the old payday loans, which it considers to be renewals andpart of the same loan sequence.

“More than 80% of borrowers who rolled over loans owed as muchor more on the last loan in a loan sequence than the amount theyborrowed initially,” the CFPB said.

The CFPB's study was based on data from a 12-month period frommore than 12 million storefront payday loans, which builds upon theCFPB report on Payday Loans and Deposit Advance Products from last year. Thenew study provides a deeper analysis of the data by focusing onrepeated borrowing by consumers after they obtain an initial paydayloan.

“We are concerned that too many borrowers slide into the debttraps that payday loans can become,” said CFPB Director RichardCordray. “As we work to bring needed reforms to the payday market,we want to ensure consumers have access to small-dollar loans thathelp them get ahead, not push them farther behind.”