Monday, February 9, 2009

Ontario Advocate Group PIAC Confused About the Payday Loan

PIAC, leave well enough alone

Personal Money Store - educating one lawyer at a time

Personal Money Store - educating one lawyer at a time

If certain groups in Ontario have their way, a payday loan would be as hard to come by as honest bank CEOsright?

Recently, the Center For Responsible Lending or a similar “self-interest” group sat Ontario’s Public Interest Advocacy Centre (PIAC) down in its lap and made its mouth move. The dummy spoke, and anti-payday loan rhetoric came oozing out like bad peanut butter.

Rash decisions cause economic rash

CNW Group writes in a press release that the PIAC has taken it upon themselves to condemn the Ontario Maximum Total Cost of Borrowing Advisory Board’s currently proposed cash advance rate as “astronomically high.” They claim that the proposed $21 per $100 loaned rate takes advantage of “most vulnerable” consumers. It is my hope that reasonable discourse and exchange of opinion occurs, rather than a rash decision like the one recently made by Manitoba government to cap payday loans, despite their court’s ruling to the contrary. ... click here to read the rest of the article titled "Ontario Advocate Group PIAC Confused About the Payday Loan"

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