Therefore, weвЂ™ve done plenty of research onto it and weвЂ™ve looked over all of the possibilities that are different how exactly to fix this issue. We viewed three various suggestions that people can recommend them that we eventually decided, yeah, you know what theyвЂ™re good ideas but not good enough. Therefore, I would like to dispose off that which we didnвЂ™t recommend we did before we talk about what.
Therefore, three modifications that individuals looked at and have now been suggested by other people, number 1 restricting loan sizes predicated on earnings. Therefore, loans could possibly be limited by a hard and fast portion of this next paycheque. Therefore, for instance if my paychequeвЂ™s that is next going be $1,000 you might say hey, the most you might provide is 50 % of that, $500. Plus in reality in Saskatchewan, the restriction is 50% associated with next paycheque. Therefore, is the fact that an idea that is good? Well, demonstrably we didnвЂ™t think it absolutely was a good clear idea, whatвЂ™s the drawback?
Ted Michalos: therefore, intuitively you might think that produces feeling. In the event that you restrict it to simply how much of the payday theyвЂ™ve got coming, then just how much difficulty can they enter into? But they can go to, it doesnвЂ™t make any difference unless you also limit the number of outlets. Then iвЂ™m going to go to the Money Mart thatвЂ™s two blocks down and borrow 300 more if I needed 600 in the first place if i can only borrow $300 from the cash store thatвЂ™s on the corner. Therefore, it offers the look of re solving the situation nonetheless it does not actually that they can take out at one time unless you also restrict the number of locations and loans.
Doug Hoyes: Well and youвЂ™re perhaps perhaps not providing an argument that is theoretical.
Ted Michalos: No, thatвЂ™s the fact.
Doug Hoyes: ThatвЂ™s the truth. Our research suggests that the person that is average has a quick payday loan has вЂ“