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It’s costly to be bad. Unreasonably high priced. Around 4.8 million Canadians underneath the poverty line, or more to 47 percent of Canadian employees report living paycheque to paycheque. Most of them are one flat tire or unanticipated cost far from spiraling debt. And lots of of these are economically marginalized: They may not be well offered by the main-stream financial system.
As a result, increasingly more of those are turning to fringe financial services that charge predatory prices: pay day loans, installment loans, automobile name loans and products that are rent-to-own.
The government has to move ahead having a regulatory framework that addresses the whole financing market, including developing a nationwide lending strategy that is anti-predatory. Without enough regulation of alternate lenders, borrowers have reached danger. (more…)