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Senators urge better, affordable child-care programs The entrance to the Senate building in Ottawa (Jolson Lim/iPolitics) Today, we add our voice to the many women, mothers, economists, academics, and early-childhood experts calling for the creation of affordable and high-quality early-learning and child-care programs throughout the country. The pandemic has driven more than 16,000 women out of the workforce, while the male workforce has grown by 91,000. We need to make sure that the road to recovery considers the critical needs of families with young children, so that mothers can participate in the labour force with the confidence that their children are learning and receiving the care they need before they go to school. ....
Though it got only a few lines in the hundreds of pages that made up Budget 2021, the federal government's commitment to open talks on changing Canada's "criminal rate of interest" has anti-poverty activists bracing for a battle with high-interest lenders. ....
Payday lender lines of credit and instalment loans at 47% create debt traps, critics say cbc.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cbc.ca Daily Mail and Mail on Sunday newspapers.
ACORN/Supplied Donna Borden, an ACORN member, advocates for stricter regulations of lenders selling high interest instalment and payday loans. A single mother working the front desks at both a hospital and a nursing home, Donna Borden watched her debts grow. On top of Toronto’s cost of living, Borden was juggling bills left behind when her mother died, plus helping her son buy university textbooks. “I was trying to keep a roof over our heads,” Borden told HuffPost Canada. Her bank refused to consolidate her debts and recommended she use the lender Fairstone Financial, then called CitiFinancial, Borden said. She took out an instalment loan in 2008 $10,000 to be paid back over five years with about 40 per cent interest. ....
Posted: Jan 30, 2021 4:00 AM ET | Last Updated: January 30 A Marketplace hidden camera investigation looked into popular alternative lenders and found they re charging up to 46.96 per cent interest in an era when the cost of borrowing is at historic lows. (CBC) A senator and a prominent mortgage industry executive are calling on the federal government to crack down on lenders who charge sky-high interest rates to Canadians desperate for cash, after a Marketplace hidden camera investigation found questionable business practices among a number of alternative financial institutions. The investigation into CashMoney, Easyfinancial, Fairstone Financial and Money Mart reveals confusing and misleading representations, and a lack of transparency and documentation. ....