Payday loans education campaign | CTV News [Video]

In a move aimed at combatting the financial strain caused by payday loans, the City of Windsor is considering the launch of a comprehensive education campaign to promote alternative financial options.

A report presented to city council ahead of its first meeting of the new year on Jan. 13 outlines a strategy developed by a “cross-sectoral committee” comprising local organizations, including the United Way, the Canadian Mental Health Association, and the John Howard Society.

The committee was formed in response to a council inquiry regarding the licensing of payday loan establishments and the need for educational resources on financial alternatives.

“Alternatives to payday loans remain a niche market with few options for low-income and middle-income borrowers,” the report states. “However, organizations in Windsor offer various programs for emergency financial support, budgeting, and debt relief for residents in need.”

The report identifies three primary alternatives to payday loans: lower-interest, small-dollar loans …