Today our government announced more measures to strengthen consumer
protections and improve affordability for BC’s most financially vulnerable
people.
Over the last few years, I’ve unfortunately heard from too
many constituents who were living paycheque to paycheque, and who were
sometimes forced to seek high-cost loans to pay for unexpected or emergency
expenses. These loans from alternative lenders often came with terms and
conditions that were almost impossible to meet, ensnaring folks in a negative
feedback loop of debt payments and increasing interest charges.
Our government has already introduced tougher rules on
payday loans and cheque-cashing fees, and the new regulatory framework announced
today provides stronger protections and safeguards for folks using these
services, including set limits on the total cost of borrowing, creating
borrowers’ rights and remedies, and prohibiting certain fees and chargers.
There’s also an educational component so folks can be more informed when they
choose to borrow money.
More information about the proposed changes is available here:
And for more info about borrowing money in general, click
here: https://www2.gov.bc.ca/gov/content/family-social-supports/borrowing-money
