Muffler tape can be an OK short term fix, it will buy you a few months if money is tight right now. In college, I used muffler tape on my old Fury, then would cut open a beer can and wrap it around the pipe over the muffler tape and secure it with a few wraps of safety wire. The tape would provide a good seal between the can and the pipe, and the can provided a stiff backer that kept the exhaust pressure from blowing the tape out.
As was noted, it's just gonna get worse so a new pipe is in your future when you are ready to spring for it.