53 – Clamping Down on Payday Loans

It’s the start of season number two of Debt Free in 30, and we start this season like we started the first season: we let Ted Michalos rant about payday loans.

A lot has happened in the last year, and today talks about a presentation he attended this summer with the Ministry of Government and Consumer Services, where Ted gave his thoughts on how to deal with the rise of many new types of high interest lenders.

These loans are easy to get, but charge a high interest rate. Ted explains who gets these loans (it’s not who you think), and what borrowers should do if they find themselves caught in a cycle of high interest loans.