Should the government crack down on predatory lending
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Guest: Christine Dobby, business journalist
You don’t have to look far to see those who have been in dire financial straits over the past two years. We don’t talk about our finances. But a recent report painted a stark picture nonetheless. The report released by ACORN, a non-profit organization that advocates for middle-to-low-income Canadians, found that more people have been forced into installment or payday loans during the pandemic – and many are trapped in a vicious cycle, paying interest rates of up to 60%.
Star Business reporter Christine Dobby explains how high-cost lenders work and whether the government should have done anything to help prevent Canadians from falling through the cracks and falling into a crushing cycle of debt.
This episode was produced by Saba Eitizaz, Brian Bradley and Matthew Hearn.