Non-prime lending ensures access to credit for eight million Canadians

If we focus on the wrong solution, the result will be an unintended outcome of reducing access to credit, pushing non-prime Canadians to high interest payday lenders, and keeping them in cycles of debt with no ability to rebuild their credit.

The government should proceed with caution, as there are unintended consequences with these policy proposals, that will remove access to credit for people who need it most and push them to payday lenders, charging rates as high as 600 per cent, writes Gary Schwartz.Image courtesy of Commons Wikimedia

Opinion

BY GARY SCHWARTZ

September 8, 2022

The Hill Times recently ran a story about advocates proposing changes to help vulnerable Canadians by limiting access to credit markets. These individuals and groups are guided by a desire to help vulnerable Canadians and relieve them from debt and the vicious circle of borrowing. This is ...

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