Pay Day loan sharks in Calgary subject to new rules!

[JLM]

Calgary payday loan operators must provide information on money management under new rules - Calgary - CBC News


I wish they'd write up something with some teeth, like set the maximum interest rate at 10% per annum & no other service charges in any way shape or form!

 

[Frankiedoodle]

The fees are outrageous. Preying on those that are in need is despicable.

 

[MHz]

It is probably the only businesses in AB that are growing.

 

[B00Mer]

I feel bad for those who find themselves in that situation.. there should be a better way for people finding themselves financially strapped.

 

[lone wolf]

I know people who borrow from one to pay off the other. It gets more expensive every cycle

 

[Ludlow]

It's the nature of the beasts

It is probably the only businesses in AB that are growing.

maybe they'll give you a job Megaloon.

 

[B00Mer]

I know people who borrow from one to pay off the other. It gets more expensive every cycle

I think some people need to talk with a financial advisor or just go bankrupt.

 

[JLM]

I think some people need to talk with a financial advisor or just go bankrupt.

I'd like to see the schools in grade 11 or 12 have a one hour class every week dealing with the basics of thrift, like the ability to recognize wants and needs and good spending skills like buying in quantity where beneficial and dealing with stuff like risk tolerance and time horizons. I know so many people some even in their 70s who think if there's a dollar in their pocket it has to be spent.

 

[Frankiedoodle]

I agree with JLM.For all the time that kids are in schooltaught things that will be not be helpful in later life, maybe if budgeting should be a pre-requisite things might turn around.
There I'd another thread that is about Payday Loans. Maybe kids would not be sucked in those rip off artists if they knew how to handle their money

 

[JLM]

I agree with JLM.For all the time that kids are in schooltaught things that will be not be helpful in later life, maybe if budgeting should be a pre-requisite things might turn around.
There I'd another thread that is about Payday Loans. Maybe kids would not be sucked in those rip off artists if they knew how to handle their money

Yeah, I think it would help, but there's a lot of forces at play, not the least of the enemies are the banks. To give a kid an open ended credit card is suicide. For the first year or two they should have to "buy" their credit card.