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Saturday March 6, 2021

March 13, 2021 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday March 6, 2021

Payday lender lines of credit and instalment loans at 47% create debt traps, critics say

Patricia Edwards of Toronto wanted to help her two adult daughters when they fell behind on bill payments at the rented townhouse they share.  

October 18, 2006

She has few assets and a poor credit history, but she was employed at the time, so she went to a payday lender — not for a payday loan, but for an ongoing line of credit. 

“I was like, OK, let’s see if I qualify for the loan because I’m working.”

Edwards, 53, was able to borrow $1,500 early in 2019 from Cash Money. But then she lost her job, and in 2020 came the pandemic. She’s had to refinance the loan twice, and went to another lender, Money Mart, for an instalment loan that could be repaid over two years.

Now she’s close to $5,000 in debt, all in, paying nearly 47 per cent interest on both loans.

December 6, 2014

Her predicament, and that of many other Canadians like her, has a chorus of voices calling for industry reform. Activist groups, elected officials and even some smaller lending companies say financially vulnerable people are too often lured by payday lenders’ low bi-monthly payments on longer-term loans without realizing how the costs will add up.

“I’d love to get a bank loan,” said Edwards. “But I don’t have a car, I don’t have a home, I don’t have any assets. I don’t qualify.”

Payday lenders argue that’s exactly why their services are essential. They provide money to people in need who otherwise would be unable to borrow. 

December 11, 2015

In a statement to CBC News, the Canadian Consumer Finance Association, which represents close to 1,000 high-interest lenders across the country, said unsecured loans are expensive to provide, and that its members’ interest rates are government-approved. 

Acorn Canada, a national organization that advocates for low-income people, has taken aim at large payday lenders, organizing protests across the country and calling on the federal government to take action.

Donna Borden, vice-chair of Acorn’s East York chapter in Toronto, said the pandemic has forced more Canadians to turn to high-interest lenders.  

September 11, 2015

“A lot of people are using or taking these loans to buy food, to pay their rent,” she said. “And especially now with COVID, it’s even worse.” 

Instalment loans, where regular repayments are scheduled over a number of years, were the fastest growing segment of lending among payday companies, according to the results of a limited online survey conducted by Acorn in February. It found that the number of survey respondents who reported taking instalment loans had jumped from 11 per cent in 2016 to 45 per cent in 2020. 

Independent Sen. Pierrette Ringuette of New Brunswick has sponsored two bills to have the Criminal Code amended to lower the maximum interest rate that lenders can legally charge from 60 to 20 per cent plus the overnight bank rate. Neither bill moved forward due to prorogations and election calls, but Ringuette said she intends to sponsor another one.   

“Canada is like a gold mine to these institutions because of the current state of legislation we have in place,” she said. (CBC) 

 

Posted in: Uncategorized Tagged: 2021-09, Canada, covid-19, credit, Lender, Ontario, pandemic, Pandemic Times, Payday, payday loan, Poverty, predator, virus

Saturday May 12, 2018

May 11, 2018 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Saturday May 12, 2018

NDP suspends Quebec MP Christine Moore in wake of inappropriate conduct allegations

November 6, 2014

NDP Leader Jagmeet Singh has temporarily suspended Quebec MP Christine Moore from her duties with the party and ordered an investigation after a veteran of the war in Afghanistan accused her of inappropriate sexual behaviour.

The allegations against Moore are the latest to rock the third-place party. Singh expelled another MP from caucus last week following a three-month investigation that was sparked by a complaint from Moore.

In an interview, retired corporal Glen Kirkland said Moore first approached him after he testified before a parliamentary committee in June 2013, where he had been asked to speak on the treatment of ill and injured soldiers.

January 31, 2018

Kirkland was wounded in an ambush in Afghanistan in 2008 while driving a light-armoured vehicle that was hit by recoilless rifle fire. The shot killed three other soldiers and left Kirkland with severe injuries, including a damaged pancreas and right eye, crushed vertebrae, bleeding in the brain and PTSD.

Kirkland did not want to get into specifics Tuesday. But he did tell the CBC that Moore followed him back to his hotel and continued to send explicit messages, even turning up unannounced at his Manitoba home before he forcibly told her to stop.

January 26, 2018

“I’m not claiming rape or anything,” Kirkland, who is now a real estate agent in Brandon, Man., told CP. But, he said, “she was inappropriate. She used her position of power and authority to get what she wanted.”

In a statement released Tuesday, Singh said Moore will remain a member of caucus pending the results of an investigation, but that she is being temporarily relieved of her duties on committees and other party matters.

“I take these allegations very seriously and I will be appointing an independent investigator to conduct a fair and full examination,” Singh said. (Source: Edmonton Journal) 

 

Posted in: Canada Tagged: #meToo, bear, book, Canada, Christine Moore, cougar, fox, gender, harassment, MP, notebook, power, predator, sex

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This website contains satirical commentaries of current events going back several decades. Some readers may not share this sense of humour nor the opinions expressed by the artist. To understand editorial cartoons it is important to understand their effectiveness as a counterweight to power. It is presumed readers approach satire with a broad minded foundation and healthy knowledge of objective facts of the subjects depicted.

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