Toronto Star: Does the government need to clamp down on predatory lending?

Posted May 11, 2022

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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

 

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