This story is bad news for the average joe.
Here's a short recap:
-The federal criminal rate of interest is 60 %.
-Payday loan companies were charging way higher than that on an annualized basis (in the thousands of percent) and were getting away with it (this just wasn't a priority for police and you can't really blame them).
-The province is trying to step in.
-They got Ottawa to agree to let them set the rate and regulate the industry.
-The PUB set rates which on an annualized basis are still higher than 60 % but at least way lower than what the companies were charging.
-The court struck it down on some technicality, allowing payday loan companies to continue to screw those who have to use this service.
And let's get one thing straight, the rates set in Manitoba by the PUB are much higher than the rates set in many U.S. states and pay day loan companies there continue to stay profitable so let's not feel too sorry for these crooks.
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