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Finding Balance in Payday Lending Debate

With the Calgary city council voting to impose regulations on the payday lending industry, many citizens have been questioning whether or not this should be an issue for the city. Many are saying that payday lending is a provincial, or even a federal, issue—not a municipal issue.
The Calgary Herald highlighted this recently in their October 9th editorial, “Making payday loans work.”
The truth is, the effects of high-cost, short-term lending on people living on low incomes is a multi-tiered issue. There are options that all levels of government, traditional financial institutions and nonprofit organizations can implement in order to alleviate the debt-cycle that payday loans can facilitate.
Joe Ceci’s October 14th letter to the editor, “Ethical products,” highlights this multi-tiered aspect.
For more information on high-cost, short-term lending and people living on low incomes, download The Real Cost of Payday Lending.