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It was never a threat to traffic flow, but a Thursday protest against the proliferation of Vanier payday loan outlets made its point with the help of a few hastily rehearsed chants and a loud hailer.
“What do we want?”
“Low interest rates.”
“When do we want them?”
“Now.”
And the slightly more direct: “Quick cash, my ass.”
The march of about a dozen protesters along a Montreal Road sidewalk was organized by the Association of Community Organizations for Reform Now (ACORN) which is pushing for municipal and provincial regulations on an industry they say preys on the poorest and most vulnerable members of society.
There are 16 payday outlets in Vanier — about one for every 1,000 Vanier residents — and eight of them are along a one-kilometre stretch of Montreal Road.
Canada’s Criminal Code caps annual interest rates at 60 per cent but the provincially regulated payday loan business is allowed up to 600 per cent – except in Quebec where –it is 30 per cent and where limits on storefront payday loan outlets effectively make it unprofitable for payday corporations to operate there.
With placards – one depicting circling sharks – the marchers stopped outside loan outlets to deliver their fundamental message that the rich get richer and the poor get poorer – and caught in a cycle of high- interest debt.
The Ontario government is planning new measures to limit payday loan vendors, including a cap on fees for cheque-cashing services and stricter controls on collection agencies that buy debts and aggressively pursue borrowers for money.
Ottawa councillors Mathieu Fleury and Toby Nussbaum, whose wards include Vanier, have asked city hall staff to explore how local bylaws could be used to prevent – among other things – the close proximity of the outlets.
ccobb@postmedia.com
PAYDAY LOAN FACTS AND FIGURES
1996: First outlets opened in Canada
$2.5 billion: Estimated annual revenue generated by Canadian payday loan outlets
1.8-2.5 million: Estimated number of Canadian payday customers
800: Number of licensed payday lenders in Ontario
400: Number of Starbucks outlets
500: Number of McDonald’s
500%-plus: Cost of using a payday loan for a year
$546: Fees for borrowing $100 for 26 two-week periods
7: Percentage of borrowers surveyed who said they understood the fee structure
3: Estimated percentage of Ontarians who used payday loans last year
30: Percentage who took out one loan
18: Percentage who took out 10 or more loans
3,000: Number of complaints about collection agencies to Ontario Ministry of Consumer Services
Source: Credit Canada Debt Solutions
查看原文...
“What do we want?”
“Low interest rates.”
“When do we want them?”
“Now.”
And the slightly more direct: “Quick cash, my ass.”
The march of about a dozen protesters along a Montreal Road sidewalk was organized by the Association of Community Organizations for Reform Now (ACORN) which is pushing for municipal and provincial regulations on an industry they say preys on the poorest and most vulnerable members of society.
There are 16 payday outlets in Vanier — about one for every 1,000 Vanier residents — and eight of them are along a one-kilometre stretch of Montreal Road.
Canada’s Criminal Code caps annual interest rates at 60 per cent but the provincially regulated payday loan business is allowed up to 600 per cent – except in Quebec where –it is 30 per cent and where limits on storefront payday loan outlets effectively make it unprofitable for payday corporations to operate there.
With placards – one depicting circling sharks – the marchers stopped outside loan outlets to deliver their fundamental message that the rich get richer and the poor get poorer – and caught in a cycle of high- interest debt.
The Ontario government is planning new measures to limit payday loan vendors, including a cap on fees for cheque-cashing services and stricter controls on collection agencies that buy debts and aggressively pursue borrowers for money.
Ottawa councillors Mathieu Fleury and Toby Nussbaum, whose wards include Vanier, have asked city hall staff to explore how local bylaws could be used to prevent – among other things – the close proximity of the outlets.
ccobb@postmedia.com
PAYDAY LOAN FACTS AND FIGURES
1996: First outlets opened in Canada
$2.5 billion: Estimated annual revenue generated by Canadian payday loan outlets
1.8-2.5 million: Estimated number of Canadian payday customers
800: Number of licensed payday lenders in Ontario
400: Number of Starbucks outlets
500: Number of McDonald’s
500%-plus: Cost of using a payday loan for a year
$546: Fees for borrowing $100 for 26 two-week periods
7: Percentage of borrowers surveyed who said they understood the fee structure
3: Estimated percentage of Ontarians who used payday loans last year
30: Percentage who took out one loan
18: Percentage who took out 10 or more loans
3,000: Number of complaints about collection agencies to Ontario Ministry of Consumer Services
Source: Credit Canada Debt Solutions
查看原文...
