Payday loan providers’ fingerprints available on almost 40% of Ontario insolvencies

Payday loan providers’ fingerprints available on almost 40% of Ontario insolvencies

Despite federal federal government efforts to help relieve the specific situation, things have actually gotten worse for Ontarians whom see no other choice

The last thing they need is to be stung by high-interest products as everyday Canadians face multiple pressures like rising borrowing costs, increases to the costs of living, and a sharper tax bite. Regrettably, that appears to have occurred to a number that is unsettling of.

New research from Licensed Insolvency Trustee firm Hoyes, Michalos & Associates has revealed that in 2018, almost four in 10 (37%) Ontario insolvencies included loans that are payday. That is a rise from 32% which was tallied in 2017, marking the seventh consecutive increase since the company’s initial research last year.

“Regulatory changes to lessen the price of pay day loans and lengthen the period of payment are no longer working for heavily indebted borrowers whom feel they will have hardly any other choice but to turn to a loan that is payday” said co-founder Ted Michalos. Continue reading “Payday loan providers’ fingerprints available on almost 40% of Ontario insolvencies”