What’s stressing you out?
According to a Leger survey, 66% of Canadians say money is a big source of stress for them; 44% admit it is their biggest worry.
Those numbers jump for those who resort to payday loans to make ends meet. About 83% say having enough money is a major source of stress, and for 61%, it is the biggest worry.
The survey found about 14% of all Canadians have taken out a payday loan; some of them are digging themselves deeper into debt by taking out multiple loans from different lenders.
“Unfortunately, the current government legislation that prevents people from taking out concurrent loans is rarely enforced and there is no mechanism for money lenders to know if their customers are doing so” – Mark Silverthorn, consumer debt expert.