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Ottawa has proposed regulatory changes that would lower the criminal interest rate from the equivalent of 47 per cent annual percentage rate (APR) to 35 per cent APR. But credit counsellors and poverty activists say that alone won’t address the reasons why people turn to alternative lenders.
CALGARY -- Years after new rules were put in place to protect Albertans from high interest payday loans, a Calgary-based credit agency say they've made great strides to help people avoid a vicious cycle of debt. Momentum recently released a comprehensive report on its work to change the unfair practices of many payday loan organizations in the province. Back in 2016, the then-NDP government announced it was taking action on payday loans, financial agreements that often led to customers paying much more than they originally borrowed. As a result, instead of using them as a method to ha...