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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 relieve the specific situation, things have actually gotten more serious 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 happened to an unsettling amount 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 payday advances. That is a rise from 32% that has been tallied in 2017, marking the seventh rise that is consecutive the company’s initial research last year. Continue reading