Discuss about the issue of predatory financial products

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Reference no: EM132334988 , Length: word count:300

Assignment -

The purpose of consumer protection legislation has a social justice element to it. It can be argued that vulnerable consumers need to be protected from the "big, bad corporations" that try to take advantage of us. There are a number of statutes that prevent companies from creating monopolies and carrying out mergers that interfere with a free market economy. Consumer protection also extends to loan transactions and financial instruments. The purpose of this week's discussion post is to start a dialogue on the issue of predatory financial products. It can be argued that these products take advantage of low-income earners who get trapped into a cycle of debt from which they cannot escape.

For this post choose either 1) OR 2) below: 1) Investigate why some people feel that Payday Loan companies should not be allowed to operate here in British Columbia. You can obviously take a contrary/opposing view and argue that they serve a valid function in our free market economy 2) Investigate any financial product that can be used in a predatory way. You may want to discuss a financial instrument with which you are familiar or something that you have uncovered through research. Just keep in mind that the topic for this week is consumer protection.

Make sure to use evidence (i.e. use research) to back up any claims you make and provide references. Need to be spell check when done, need a title for discussion when done, fellow instruction above, make sure to do.

Reference no: EM132334988

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