ACORN Canada National

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Blackburn News: Survey finds pandemic forces more families to resort to high cost loans

Posted March 28, 2022

A new report from ACORN Canada has found the pandemic forced a lot of families to take a high-cost loan specifically because of the pandemic.

ACORN reported that 440 people took their survey, and 113 respondents reported they had to resort to pay day lenders and pay high interest rates to access the money.

Briarpatch: The debt engine

Posted March 3, 2022

“All I did was cry,” says Kathleen Miller-Zane. She’s retelling the story of realizing her loan from easyfinancial was more than she bargained for. After thumbing through her contract, she found out her initial $5,000 loan would eventually cost her $3,500 in interest – $8,500 in all. “Here I am crying away,” she says. “I can’t believe I’m so stupid. What did I do?”

Jacobin: Despite Record Profits for Canada’s Big Banks, Customer Fees Keep Going Up

Posted December 15, 2021

Christmas is coming early for Canada’s bankers.

The six largest banks hit record-breaking profits in 2021 and will pay out massive bonuses at the year’s end, newly released fourth quarter earnings reports show. On the strength of a combined $57.4 billion in profits, the Big Six are paying out $18.8 billion in bonuses before the holidays.

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