Does the government need to clamp down on predatory lending?

Guest: Christine Dobby, Business Reporter

You don’t have to look far to see those who experienced terrible financial hardship over the past two years. We don’t talk about our finances. But a recent report has painted a harsh picture just the same. The report published by ACORN, a non-profit organization advocating for moderate to low-income Canadians has revealed that more and more people were forced to take out instalment or payday loans during the pandemic–and many are trapped in a vicious cycle, paying off interest rates of up to 60 percent.

Star Business Reporter Christine Dobby explains how high-cost lenders operate and whether the government should have done something to help prevent Canadians from falling through the cracks and into a crushing cycle of debt.

This episode was produced by Saba Eitizaz, Brian Bradley and Matthew Hearn.