News

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.

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.

Hamilton Spectator: Hamilton ACORN calls for rent control amid skyrocketing housing market

Posted March 17, 2022

Members of ACORN gathered out front of 119 King St. W. downtown to encourage passersby to sign a petition calling for rent control in the face of spiralling rents in the city.

The group, a strong advocate for housing reform, called for rent control, a full rent freeze until 2024, an end to tenant displacement, and more funding for social housing.

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