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

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

Despite federal government efforts to help relieve the problem, things have actually gotten more serious for Ontarians whom see hardly any 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. Unfortuitously, that appears to have occurred to an unsettling quantity of ontarians.

Brand brand 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’s a rise from 32% that has been tallied in 2017, marking the seventh rise that is consecutive the company’s initial research last year. (más…)