540 – How the New Criminal Interest Rate Affects You

540 – How the New Criminal Interest Rate Affects You

Author: Doug Hoyes January 4, 2025 Duration: 31:48

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

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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.


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 100

Debt Free in 30
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