Despite federal federal government efforts to help relieve the problem, things have actually gotten more serious for Ontarians whom see no other option

The last thing they need is to be stung by high-interest products as everyday Canadians face multiple pressures like rising borrowing costs, increases to the costs of living, and a sharper tax bite. Unfortuitously, that appears to have occurred to an unsettling wide range of ontarians.

Brand brand New research from Licensed Insolvency Trustee firm Hoyes, Michalos & Associates has revealed that in 2018, almost four in 10 (37%) Ontario insolvencies included pay day loans. That is a rise from 32% which was tallied in 2017, marking the seventh consecutive increase since the company’s initial research last year.

“Regulatory changes to reduce the price of pay day loans and lengthen the cash payday loan California period of payment are no longer working for greatly indebted borrowers whom feel they will have no other choice but to show to a loan that is payday” said co-founder Ted Michalos.

Based on the company, insolvent borrowers are simply over 3 times more prone to have one or more pay day loan outstanding if they file a bankruptcy or customer proposition compared to 2011.