Payday lender lines of credit and instalment loans at 47% create debt traps, critics say | CBC News

Only option

“I’d love to get a bank loan,” said Edwards. “But I don’t have a car, I don’t have a home, I don’t have any assets. I don’t qualify.”

Pushing for change

Acorn Canada, a national organization that advocates for low-income people, has taken aim at large payday lenders, organizing protests across the country and calling on the federal government to take action.

‘A gold mine’

Independent Sen. Pierrette Ringuette of New Brunswick has sponsored two bills to have the Criminal Code amended to lower the maximum interest rate that lenders can legally charge from 60 to 20 per cent plus the overnight bank rate. Neither bill moved forward due to prorogations and election calls, but Ringuette said she intends to sponsor another one.

Trying to escape the debt trap

Patricia Edwards said she worries she may never escape her debt trap. She is left searching for a solution. For example, though it’s not an option in her case, she has even thought about how credit card borrowing could help solve her 47 per cent interest rate problem.

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Aemina Turner who is an expert loan advisor at loansforunemployedcanada.ca. We provide a comfortable platform to the people, who want to meet with their require

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Aemina Turner

Aemina Turner

34 Followers

Aemina Turner who is an expert loan advisor at loansforunemployedcanada.ca. We provide a comfortable platform to the people, who want to meet with their require