Advocacy

Keep up with the latest tips and ideas for building a brighter financial future.

Pasyday advance loanThe Government of Ontario is thinking of establishing new protections for users of alternative financial services (AFS).

According to the government, AFSs are high-cost financial services outside of traditional financial institutions like banks and credit unions. For example, they include offerings like payday loans, instalment loans, lines of credit, and auto title loans.

Significantly, Credit Counselling Canada was invited to submit its ideas on strengthening protections for Ontario Consumers.

Imposing limits on the amount lenders can charge

Credit Counselling Canada was happy to weigh in with its suggestions for strengthening protections for Ontario consumers.  We noted how research findings have highlighted the need for more vigorous regulatory enforcement of laws to safeguard vulnerable financial consumers.  For instance, for many lower-income Canadians and increasingly middle-class borrowers, high-cost instalment loans have become a debt trap.

Critically, one important way to prevent harm to vulnerable consumers is by imposing limits on the amount which lenders can charge for the cost of borrowing. Furthermore, a fixed limit is easier to administer and more straightforward for consumers.

If you are facing a severe debt problem, we recommend that you call one of our member agencies today.  They will offer you free, private, non-judgmental guidance from an accredited credit counsellor on the best way for you to deal with your debts.  Let us help you find the right solution for your situation. After all, you have got nothing to lose by calling – except your debt.

For more information on the Ontario Ministry of Government and Consumer Services consultation process, see Alternative Financial Services.

 

Share this

Twitter

Taking your kids holidays shopping? It’s a great time to teach them about
spending and budgets. Read more to see how!

#BeDebtFree
#TeachingKids
#ChristmasSpending
#NewYear2022

https://t.co/2N7PEJMd0Q https://t.co/xPOh45svjM
Creditcc photo
It is officially the holiday season. Credit Counselling Canada can show you how to make these weeks a little less stressful on your budget. Our caring, nonprofit credit counsellors can offer some great tips for staying on track!

#Holidays2021 #BeDebtFree

https://t.co/aPxeHr2Cg3 https://t.co/G7xCRXn9lh
Creditcc photo
It is time to build some of your money management skills. Start developing a budget, use credit wisely and learn more about your credit rating. @Creditcc - @CdnBankers Debt Quiz can show you where you need help!

#DebtQuiz #BeDebtFree

https://t.co/zXSNbZ2547 https://t.co/46dYW7Wft0
Creditcc photo
It is Financial Literacy Month! Make learning fun as you take some time this Fall season to teach your kids about money!

#FinancialLiteracy #TeachingChildrenMoney

https://t.co/Yh0HrPCxlU https://t.co/NYQCWdy0Oi
Creditcc photo
A stitch in time saves nine! Don’t wait until it is too late to seek qualified counsel to get your finances back on track. @Creditcc's Debt Quiz, made in partnership with @CdnBankers will help you identify areas where you may need help!

https://t.co/zXSNbZ2547 https://t.co/0RbHu0Ky0B
Creditcc photo
Setting financial goals is vital to financial health. Make them doable, clear and measurable. Our accredited non-profit credit counsellors can help create a custom-plan to make your financial dreams a reality!

#BeDebtFree #FinancialLiteracyMonth

https://t.co/aPxeHr2Cg3 https://t.co/nrCYctLZm5
Creditcc photo