Sherry's financial needs were not met through payday loans, but made worse by them -- and, as a result, she and her family were caught in a long-term cycle of debt from which they could not escape. Unfortunately, Sherry's form of repeat payday loan borrowing is common and it can sink families into poverty.
Jerry Buckland is Professor of International Development Studies at Menno Simons College and an advisor with EvidenceNetwork.ca. He is author of Hard Choices: Financial Exclusion, Fringe Banks and Poverty in Urban Canada (University of Toronto Press).
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