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Obviously we should all do our best to live within our means and pay off our other debt, but if you have lost your job, or had a medical issue, or have gone through a divorce you may have more debt than you can handle, which is why an increasing number of Canadians are turning to solutions like a consumer proposal. What should the Ontario government have done to help address the specific problem of payday loans?
About 5.5 per cent of adults in the province have used payday loans.
VICTORIA - Three money-lending companies in B.C. have been fined for violating consumer protection laws.Consumer Protection BC has ordered Loan Express Corp., Cash Store Financial Inc., and Justenna E...
While the concerns regarding the potential negative impact of certain high interest loans are legitimate, the debate has failed to consider the context in which high interest loans exist. It is too simple to label a loan "high interest" by looking only at the annualized interest rate. There are many other factors that determine the true cost of borrowing.