Doug H: from time to time i love to get my Hoyes Michalos co-founder and company partner, Ted Michalos, all riled up so we place a microphone in-front of their face and say those terms that always drive him crazy, those terms are pay day loans. That has been the main topics the first ever version of Debt Free in 30, episode number 1, in the past in 2014 september. The name had been Ted Michalos Rants about pay day loans. And also today three and a years which are half 182 episodes later on, that demonstrate continues to be in the top five of all of the time downloads because of this podcast.
Clearly pay day loans are a definite discussion that is popular and everybody has a viewpoint however the explanation IвЂ™m bringing Ted right right right back today would be to speak about some frightening new data weвЂ™ve come up with showing that the pay day loan issue continues to become worse. And we additionally would you like to speak about the unintended effects of driving along the cost of payday advances. Therefore, Ted have you been all prepared to get all riled up?
We hate this business.
Doug H: I’m sure you do. You are known by me do. So before we arrive at your opinions letвЂ™s focus on some facts. We just circulated our sixth yearly overview of payday loan use amongst those who file a bankruptcy or consumer proposition with us. WeвЂ™ll leave a web link to your research into the show records but Ted, exactly just what did we find? Provide us with a few of the overview that is quick.
Ted M: one of the most chilling thing is now 31% of y our consumers, therefore one away from three, ‘ve got payday advances if they file some type of insolvency with us. even Worse than that, it is two . 5 times just what it once was whenever we began the analysis. Therefore, the time that is first did an online payday loan analysis last year it had been one away from eight customers were utilizing pay day loans and today it is one out of three.