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Payday Loans Are Borderline Criminal
May 3, 2023 | Posted by: Angela Robinson
A new study conducted by Hoyes, Michalos & Associates reveals that close to 100,000 Canadians, including nearly 35,000 Ontarians, filed a bankruptcy or consumer proposal in 2022, with almost half (49 per cent) being millennials who owed an average of $47,283 in unsecured debt.
Payday loans, which can charge up to 390 per cent in annualized interest, are a significant contributor to these insolvencies. According to Ted Michalos, a licensed insolvency trustee at Hoyes, Michalos & Associates, payday loans make it very easy to borrow but are very difficult to repay.
Watch the full Podcast about this by Inside the Village featuring Ted Michalos here.
