I'm hoping to buy a house, but it might be a fat chance," says [STEPHANIE], in her late 30s. "I went to a homebuyer's seminar and was told that unless I have $14,000, I can forget it. "It's tempting to draw from her current savings to pay off the CITI MasterCard, which is charging interest at 24.9 per cent per year," says [Jan Fraser], senior planner with Fraser and Partners Financial Strategy in Winnipeg. "Until she qualifies for benefits through her employer, however, Stephanie needs to have some cash for emergencies." "Stephanie is expecting a tax refund of about $4,000," Fraser says. "It would be great to pay off the CITI card entirely and to put the remainder against the Capital One MasterCard (at 20.9 per cent)."
The announcement drew praise from consumer advocates and a scathing attack from the payday loans industry, which has mushroomed in Manitoba in recent years. Gloria Desorcy, executive director of the Manitoba branch of the Consumers' Association of Canada, said the group is "very pleased" that there's "finally some protection in place" for consumers using payday loan services.
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