The Pay Day Loan Industry should be put out of business entirely. End of story. Many marginalized people end up in the grips of the Pay Day Loan Industry because they cannot open bank accounts and therefore cannot cash their cheques. As a starter legislation should be passed that compels the regular banking industry to permit everyone regardless of economic means to open both a chequing and Savings account. Furthermore the regular banking industry should be prevented from charging the run of the mill service fees from anyone whose income is below the poverty line. Pay Day loan companies exist in part because the regular banking industry discriminates against the marginalized, and as a result places them in an even more precarious situation.
I am old enough to remember having a post office saving account. My family lived far from any bank but the Post Office let me save and withdraw easily. I probably still have my little account book somewhere. Its a good idea David…I wonder if anyone will pick it up?
canada has a debt problem in general the highest level of household debt to disposable income of any G7 country. We have an average household debt of ~$80000 not including mortgages. an average house cost in BC of $900000! (Vancouver really weighs heavy on that, but still) and an average house hold income of $100000.
that’s a house hold take home of ~$8000 a month. ~$5000 a month in mortgage payments (at least for your first term), but at least a mortgage is an “investment”. minimum loan payments of $1600 (never getting out of debt payments) with $1400 left over for everything else! that’s just paying debt.
Of course this is just ball park thinking. but I can’t help thinking that people are really bad at math. debt is easy to get into and hard to get out of. it was easy when to get into when interest rates were very low.
I like this Idea .Post Office banking, I could walk there, seeing as the bank I deal with closed the branch nearest to me so now it is a 20 or 25 minute drive to get to one.....
There was a push from CUPW to start postal banking again. I think there was a small roll out in 2022 with TD to offer services at a few post offices, but I’m not sure if it’s still available. I think it’s a good idea and would certainly could help people that need access to banking services without the outrageous cost.
Ahhh, all the programs we'd put in if the NDP had the CPC voter percentage. I've had to accept that our culture, for all the agonies over premarital sex, (sorry that's five decades ago), gay teachers (sorry, three decades ago) and transgender students (caught up!)....is actually changing only slowly.
This is a great idea, but it won't happen before the next election, which, if it turns out as expected, will doom the idea for many years more.
If people didn't get any value of out payday loans they wouldn't take them, I don't think the companies are really that profitable, it's just an expensive service to provide.
Postal lending would just use tax revenue to subsidize the irresponsible (not entirely a bad thing)
The Pay Day Loan Industry should be put out of business entirely. End of story. Many marginalized people end up in the grips of the Pay Day Loan Industry because they cannot open bank accounts and therefore cannot cash their cheques. As a starter legislation should be passed that compels the regular banking industry to permit everyone regardless of economic means to open both a chequing and Savings account. Furthermore the regular banking industry should be prevented from charging the run of the mill service fees from anyone whose income is below the poverty line. Pay Day loan companies exist in part because the regular banking industry discriminates against the marginalized, and as a result places them in an even more precarious situation.
I am old enough to remember having a post office saving account. My family lived far from any bank but the Post Office let me save and withdraw easily. I probably still have my little account book somewhere. Its a good idea David…I wonder if anyone will pick it up?
canada has a debt problem in general the highest level of household debt to disposable income of any G7 country. We have an average household debt of ~$80000 not including mortgages. an average house cost in BC of $900000! (Vancouver really weighs heavy on that, but still) and an average house hold income of $100000.
that’s a house hold take home of ~$8000 a month. ~$5000 a month in mortgage payments (at least for your first term), but at least a mortgage is an “investment”. minimum loan payments of $1600 (never getting out of debt payments) with $1400 left over for everything else! that’s just paying debt.
Of course this is just ball park thinking. but I can’t help thinking that people are really bad at math. debt is easy to get into and hard to get out of. it was easy when to get into when interest rates were very low.
I like this Idea .Post Office banking, I could walk there, seeing as the bank I deal with closed the branch nearest to me so now it is a 20 or 25 minute drive to get to one.....
There was a push from CUPW to start postal banking again. I think there was a small roll out in 2022 with TD to offer services at a few post offices, but I’m not sure if it’s still available. I think it’s a good idea and would certainly could help people that need access to banking services without the outrageous cost.
Ahhh, all the programs we'd put in if the NDP had the CPC voter percentage. I've had to accept that our culture, for all the agonies over premarital sex, (sorry that's five decades ago), gay teachers (sorry, three decades ago) and transgender students (caught up!)....is actually changing only slowly.
This is a great idea, but it won't happen before the next election, which, if it turns out as expected, will doom the idea for many years more.
If people didn't get any value of out payday loans they wouldn't take them, I don't think the companies are really that profitable, it's just an expensive service to provide.
Postal lending would just use tax revenue to subsidize the irresponsible (not entirely a bad thing)