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540 – How the New Criminal Interest Rate Affects You
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It’s crucial to stay informed about the recent revision to the criminal interest rate cap, effective January 1, 2025. How will Canadians be impacted? Doug and Ted provide insight into potential lending trends, emerging marketing tactics, unintended consequences, and how this change will impact the most vulnerable borrowers and secondary lenders in the future.
Timestamps:
(0:30) – Short explanation of the Criminal Interest Rate
(2:40) – What is changing, and who does it impact?
(3:30) – Payday Loans and Vulnerable Borrowers
(9:20) – “Net Charge Off Rate” a rationale for high interest
(12:30) – The “dubious speculation part of the show that is not based on fact”
(14:00) - Unintended consequences – predatory lenders pivoting
(18:30) – Secondary lenders diversifying product lines? To what?
(21:00) – Microloans, Insurance, Rent to Own, and more
(28:00) – Heads up for new marketing tactics – Buyer Beware
Learn more from Hoyes Michalos:
Episode 491 of DFI30 (Thorough Background of Criminal Interest Rate)
Payday Loan in Collection? What To Do Next
Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here
Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.
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