Toronto Star: Does the government need to clamp down on predatory lending?
Posted May 11, 2022
Posted May 11, 2022
You don’t have to look far to see those who experienced terrible financial hardship over the past two years. We don’t talk about our finances, but a recent report has painted a harsh picture just the same. The report published by ACORN, a non-profit organization advocating for moderate to low-income Canadians, has revealed that more and more people were forced to take out instalment or payday loans during the pandemic. Many are trapped in a vicious cycle, paying off interest rates of up to 60 per cent.
Star Business Reporter Christine Dobby explains how high-cost lenders operate and whether the government should have done something to help prevent Canadians from falling through the cracks and into a crushing cycle of debt.
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Source: Toronto Star