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The
difficulties of borrowing |
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Canadians
are taking out more and more financial products to meet a wider
range of needs, from new cars, to renovations, to tuition, but
despite lower interest rates, many borrowers are spending more
money and time than they have to. Some of the problems that
face borrowers are: |
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Borrowers
go to several different institutions for different products,
and are subject to a new application and approval process each
time. |
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Homeowners
renewing their mortgage with different terms are often subjected
to a new approval each time they renew. |
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With a number
of different financial products, a borrower may be paying multiple
application fees. |
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Customers are
paying high rates of interest on credit cards and loans. |
