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Relying on Loans: 1 in 5 People Live in Low-Income Households in Hamilton, ON

1 in 5 people living in Hamilton ON live in low-income households. The gap between the rich and poor widens and families are struggling to get themselves out of poverty despite working hard. Finding money to pay bills is a very real struggle.

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September 27, 2014

Hamilton, ON, Canada – September 27th, 2014 /PressCable/

Hamilton has tied Toronto for Ontario’s highest poverty rate. Approximately 20% of the ‘Steeltown’ lives in low-income households and the gap between the rich and poor has grown.

According to a case study by the Community Foundations of Canada, the wealthiest 40% of Hamilton’s citizens have experienced a steady increase in their incomes over the past decade yet incomes have dropped further for the poorest 60%.

What happened to the city known for it’s beautiful waterfalls? Job loss, financial hardship and a bad manufacturing sector. The struggle likely started with some of the city’s biggest and most popular manufacturing employers filing for bankruptcy protection or shutting down. Job loss was significant and workers with very little education struggled to find work again.

The choice to take a riskier loan likely happens when all other options have dried up. When a family has a history of bad credit, low income or have tapped out every other source, cash advance options in Hamilton are often the difference between putting food on the table or being out in the cold.

According to Statistics Canada, pay day loans have been obtained by 10% of young families. The numbers are higher in Hamilton. It’s not hard to believe, given the poverty levels.

Hamilton is not alone in this fight though, over 1 million people are living and working in Canada but are still unable to take their family out of poverty.

To find out more about loan options for people with bad credit go to:

Contact Info:
Name: Rachel
Organization: Hamilton Ont Payday Loans

ReleaseID: 64460

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