Payday Loans: the Cost of Being Poor

Starting January 1st, the criminal interest rate on predatory lending will be lowered, meaning it should be safer to take out payday and installment loans. But these businesses have a tendency to skirt the law, adding unexpected fees and insurance rates to keep borrowers in the hole.Sam welcomes Donna Borden to the show - an organizer with ACORN. She’s been a victim to these loans, and is now fighting against them. Will the crackdown work and really help lower people’s payments? How can we make short term loans a real option for people struggling, without the sky-high payments?Host: Sam KonnertCredits: Aviva Lessard (Producer), Sam Konnert (Producer), Caleb Thompson (Audio Editor and Technical Producer), Max Collins (Director of Audio), Jesse Brown (Editor), Tony Wang (Artwork)Guests: Donna BordenBackground reading:Debt struggles spark concerns - Toronto StarAnti-poverty advocates call payday lenders 'criminal,' urge feds to cap interest rates | CBCNew rules to curb predatory lending still leave many vulnerable - Globe and MailHow a $200 payday loan cost over $31,000 - CBC RadioSponsors: Douglas is giving our listeners a FREE Sleep Bundle with each mattress purchase. Get the sheets, pillows, mattress and pillow protectors FREE with your Douglas purchase today at douglas.ca/canadalandArticle is offering our listeners $50 off your first purchase of $100 or moreTo claim, visit article.com/backbench and the discount will be automatically applied at checkout.If you value this podcast, Support us! You’ll get premium access to all our shows ad free, including early releases and bonus content. You’ll also get our exclusive newsletter, discounts on merch, tickets to our live and virtual events, and more than anything, you’ll be a part of the solution to Canada’s journalism crisis, you’ll be keeping our work free and accessible to everybody. You can listen ad-free on Amazon Music—included with Prime. Hosted on Acast. See acast.com/privacy for more information.