Tuesday, August 15, 2006
A B.C. court has finally charged a pay-day loan company for usury, charging interest over and above that allowed in Canada. In other words loan sharking.
Senate Defends Working Poor-Challenges Loan Sharks
Loan Sharks by any other name
CathiefromCanada comments that this is due to banks failing to serve the poor. Good point. Of course the banks get away with gouging us legally, not only by paying us low interest but loading us with service charges. Perhaps it is time to nationalize the banks, or replace them with credit unions that are unionized and serve the poor.
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