Beware offers of easy money
In today’s mailbox I found the usual junk mail — just one piece today — and was about to throw it in the trash as usual but the large print caught my eye. So EASY – Now available on British Columbia. I thought it might be worth reading. It even had the Maple Leaf emblem on it.
No, just another fast cash. I read the very small print anyway. You will need good eyes and a good understanding of percentages and numbers — especially those with a dollar sign in front. First words were “the maximum cost of borrowing $100 is $15.” Not 15 per cent or $15 per year — but $15. Fifteen per cent would actually be better than most credit cards. but this $15 is for two weeks. That is the equivalent of 390 per cent per year.
People — the mafia for example — used to be put in jail for those rates. This was known as ‘usury’. Canada used to have a limit of 60 per cent per year — what has happened to it?
We have a lot of homeless on the Island. Many of those have jobs. They may have been squeezed out of the housing market with the ridiculous housing cost. Food prices have increased five to seven per cent we hear, but I have seen much larger increases. Wages have not increased.
I seldom have to shop as I live in a retirement facility with meals provided. I do need to shop sometimes and notice young families shopping and wonder how my grandchildren are faring.
I wonder how many low income families are tempted to use these fast cash services and if they are aware of the real costs. Perhaps there is emergency dental care. If not in debt already this will certainly plunge them into it.
Surely our society hasn’t sunk to the level where working people and families have to use these things — I don’t know what else to call them — which should not be legal. They are corrupt.
Trudy Thorgeirson
Duncan