ACORN Canada National

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Toronto Star: Opinion: Loan sharks are pulling Canadians under

Posted March 29, 2022

Among the cruelties left in the pandemic’s wake — it lurks and may pounce again — lingering ill-health and punishing debt are at the top. Imagine having to deal with both long COVID and the payday loan you took out that charges interest between 30 and 60 per cent.

This is Canada, not Appalachia. How is this legal? It’s not a loan as we know it; it’s more like extortion.

Toronto Star: More low-income Canadians took out instalment loans during the pandemic — and had to pay interest rates of up to 60%

Posted March 29, 2022

A new report highlights the impact that high-cost loans had on low-income borrowers during the pandemic, pointing to examples of people falling into “vicious cycles of debt” as they struggled to cover the escalating cost of bills.

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