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‘Bank on Denver’ campaign seeks to wean resident from payday lenders

Denver residents spent $26 million in 2006 at payday lenders and check cashing strip mall shops, according to city Council Member at Large Doug Linkhart. These short-term, high-interest, fee-ridden services pose a key barrier to building savings, assets and credit and destroy the possibility of maintaining personal monthly budgets. That's the recent conclusion of a task force Linkhart headed with Denver Office of Economic Development Executive Director André Pettigrew and funded by a grant from the national Bank on Cities campaign. Denver was one of eight cities selected to attack these problems based on a San Francisco pilot program.
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