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Dijkema: Banning payday loan shops is not the answer

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Mayor Jim Watson worries of a “glut” of cash advance stores in Ottawa, and really wants to break straight down regarding the quantity of outlets when you look at the town. Coun. Mathieu Fleury implies these supposedly short-term loans put susceptible people in “even more difficult financial circumstances.” There’s reason enough to be worried. Research by the think-tank Cardus has discovered that payday financing is correlated with violence, home criminal activity, increased need of social help and increased untimely mortality.

That’s not saying that cash advance shops would be the reason for these issues. Rather, payday financing is just one section of wider social challenges for the town and loan customers. It’s essential Ottawa Council make the right check this link right here now action to cope with it. Incorrect moves could harm the people whom need probably the most assist.

Dijkema: Banning payday loan shops is not the perfect solution is back again to video

Let’s have one fact straight: when individuals with poor (or no) credit are eager for cash, they’ll find methods for getting it. We all know through the research that the overwhelming greater part of individuals who look to payday advances do this to meet up fundamental needs. Only 13 % utilize them for discretionary purposes. Continue lendo