Amount borrowed in Nova Scotia using high-interest short term loans increases: report
A new report says the amount borrowed in Nova Scotia using high-interest short terms loans has increased nearly 50 per cent over five years.
The provincial government report says Nova Scotians borrowed 94-million dollars from short-term loan lenders over a one-year span.
Nearly six-thousand Nova Scotians borrowed eight times or more last year from short term lenders who charge 22 dollars interest on a 100-dollar loan.
Credit counsellor Linda Wilke says people are turning to short-term loans because prices are going up and they're getting desperate, but the association representing the lenders says their members work hand-in-hand with credit counselling services to encourage customers to borrow responsibly.