Posted June 15, 2016
Yesterday BC ACORN members from Vancouver, Surrey, New Westminster, Burnaby and Coquitlam rallied in front of a Vancouver Money Mart location, calling on the Province to take immediate action against predatory payday lenders that are bleeding BC's working poor dry. ACORN members are demanding the existing legislation be opened up for review and that low income people have a place at the table when new regulations are drawn up.
Reigning in payday lenders is a vitally important issue. Since 2012 the amount of BC residents taking out such loans has increased 58%, and in 2014 the amount of money paid out by borrowers in the form of fees and interest rates has hit 86 million dollars!! In the past 6 months Ontario, Alberta and the United States federal regulator have tabled new restrictions on the payday lending industry. It is time that BC's government follows suit and ACORN members are going to make sure that happens!
Watch the CTV News story - click here (starts at 22:30)