FINANCIAL counsellors met with members of the Federal Government in St Albans last week to discuss issues relating to payday loans and how to help local residents avoid spiralling debt.
Hosted by the Good Shepherd Youth and Family Services, which recently released the Caught Short report into the negative effects of payday lending, Assistant Treasurer Bill Shorten and Calwell MP Maria Vamvakinou discussed the issue with counsellors and their clients.
The Caught Short report revealed poverty pervades the lives of most borrowers, with 78 per cent of borrowers on a welfare payment.
Consumers were often borrowing money at high cost when lower-cost alternatives were readily available.
