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THE ACT OF BORROWING MONEY BEFORE IT IS EARNED

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This government website analyzes a survey taken by people who have taken out a payday within the last 3 years. The Financial Consumer Agency of Canada (FCAC) was tasked with raising public awareness about the costs of payday loans. The results of the survey showed some surprising information. Only 43 percent of respondents  understood that a payday loan was more expensive than available alternatives.  41 percent of respondents used payday loans for expected, necessary expenses such as utility bills.  22 percent of respondents reported household incomes exceeding $80,000 thus indicating financial difficulties in all income brackets. I believe, after reviewing the survey results, that the government should put more effort into eliminating paydays rather than just increasing public awareness.

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This website informs it's reader of the pitfalls of using payday loans. It explains how easy it can be to get into a credit cycle. There is  some useful information on alternatives to these very high interest loans and tries to persuade readers away from this option. I like how this site stresses just how easy it is to get caught in a vicious downward cycle that could be impossible to get out of.

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This video discusses the relationship between payday loan users and people who have declared bankruptcy. The commentator reasons that most people takeout payday loans when there is no other options. Which indicates financial difficulties prior to receiving payday loans. For too many people these loans are the proverbial final nail in the coffin.

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Maybe this is a more accurate representation for payday loan companies. If this doesn't cause some alarm bells to go off then nothing will.

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Writing about the ins and out of payday loans and some of the pitfalls to avoid

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Word file with reflective questions answered

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Word file with reflective questions answered

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Questions

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This image shows how difficult is can be to get out of the debt. It includes some practical tips to avoid these desperate measures.

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This Video demonstrates how seductive marketing can blind or distract people from the facts. Three pretty, friendly women explain just how easy it is to get a loan. I found one line of particular interest. The money mart rep will "provide the details you want", not the details you need! They will even beat competitors rates by 10% with their price guarantee. Though they neglect to mention their rate of 508%; a reduction of 10% is insignificant.

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This video demonstrates how to calculate the actual rate of interest on a payday loan. The nature of these loans are short term and to be profitable (stay in business) they must have higher rates. However, 500% - 800% interest seems a little ridiculous.

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This website discusses several issues with payday loans. The main issue being how interest rates vary from province to province and how they are allowed to exceed the  Canadian law prohibiting lenders from charging more than 60-per-cent annual interest on loans.  It also states how some provinces are beginning to ban the practice or are at least reducing rates. There has been a steady increase in people borrowing payday loans and unfortunately, the majority are low income households.

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This image shows a direct comparison of the cost to borrow $500 for 14 days for payday loans, credit card advances, line of credit and overdraft.