1026 replies to this topic

[jonny]

Right now, if you have a pulse and are out of work, it's because you don't want to work. 

[sdwright.vic]

You would think that one or more of the 600 odd people that we have provided free housing and meals to might put up their hand. It is not like working in a grocery store or café requires a university degree. The sad thing is that they probably can't afford to work as any income they would make would not be enough to offset the thousands a month in freebies they are currently getting.

Just so long as it's not at the till (risk of stealing) and/or produce, seafood, meat and bakery departments (risk of transferable cooties).

Edited by sdwright.vic, 04 October 2017 - 03:11 PM.

[FirstTimeHomeCrier]

Right now, if you have a pulse and are out of work, it's because you don't want to work. 

 

Or you have a disability, you are the primary caregiver for a dependant, you lack access to certain resources that make the application process easier (fixed address, clean clothes, computer, a shower, etc.), the available positions are not suitable for you, you don't have access to reliable transportation, etc.

[jonny]

Or you have a disability, you are the primary caregiver for a dependant, you lack access to certain resources that make the application process easier (fixed address, clean clothes, computer, a shower, etc.), the available positions are not suitable for you, you don't have access to reliable transportation, etc.

 

Thank you for the politically correct clarification. 

 

I know disabled people who work. Being a caregiver is a job. Everybody has access to BC Transit. Available positions being not "suitable for you" directly relates to desire. 

 

Anyway, I believe we are at or very near to full employment. Those who are currently not working are either in a very short-term unemployment situation or are simply not likely ever going to work. 

[Mike K.]

I do notice we haven’t heard much from social services agencies in regards to things like helping their clients with job skills and job training. I guess when the situation is as it is, and fully capable folks are still sitting on sidewalks begging for money to buy “food” then the narrative falls apart.

Say, why do bylaw officers continue to tolerate so many able bodied traveller types just sitting around begging for money? In this market nobody needs to beg for money.

[jonny]

Heard a rumour that Money Mart is laying off 95% of their local accounting and finance staff and outsourcing. Their headquarters is in Victoria. If true, that's tough news for a bunch of Victorians. 

Edited by jonny, 17 November 2017 - 09:18 AM.

[PraiseKek]

That's super rough because who would want that on your resume while job hunting? Yeah I used to work at Money Mart... ok yeah thanks for the resume we'll be in touch I'll put that right here in the round file.

[VicHockeyFan]

That's super rough because who would want that on your resume while job hunting? Yeah I used to work at Money Mart... ok yeah thanks for the resume we'll be in touch I'll put that right here in the round file.

 

That's certainly why a closure of shrinkage will not get all that much public sympathy around town.  Money Mart's HQ being here in Victoria is not seen as much of a feather in our cap.  I think we were also the Red Hot Video HQ at one time.

[jonny]

Well, those are some rather negative perspectives.

Thing is, lots of professionals I know started out there in entry level to middle management type jobs. It's one of our few largeish non-government employers.

[VicHockeyFan]

Well, those are some rather negative perspectives.

Thing is, lots of professionals I know started out there in entry level to middle management type jobs. It's one of our few largeish non-government employers.

 

I don't mean them to be, I know what they are about.  But what's the public perception of Money Mart?  A shady pay-day loan and cheque-cashing outfit, that preys on the working poor, with very high fees and a never-ending cycle of borrow/pay.  The type of operation that mostly gets bad press in this country, coast to coast.

Edited by VicHockeyFan, 18 November 2017 - 09:22 AM.

[Mike K.]

Credit cards are far more notorious in that regard and people love them.

 

Money Mart and its ilk are made to look bad by the press, which has big budget advertising from chartered banks to uphold.

 

If your biggest advertisers are banks, will you sit idly by when little money lending kiosks are able to charge higher rates and nobody bats an eye? No way, you'll poke at them while propping up the big banks that quietly charge 22% interest if you're a day late on your credit card payment.

[VicHockeyFan]

^ that's all fine, and we may agree (although most all credit cards have no interest if you settle your charge in full each month, even if many consumers don't) but there are also all manner of consumer groups and politicians that would also like the payday loan places shut down altogether.

 

Add to that that some have been found violating rules and the industry has a bad image, that's all I'm saying.

 

Money Mart might be the most open, fair, ethical operator.  But it swims in the same sea as the others.  And it's a sea the big banks prefer not to swim in, for image reasons.  Even the big banks don't think it's worth the forgone profit to get into those types of operations.

Edited by VicHockeyFan, 18 November 2017 - 09:35 AM.

[Mike K.]

I dunno, I just don't see it. People seem to love places like Money Mart.

 

I mean when you've got bad credit and the bank won't loan you that $1,500 you need to replace an appliance, Money Mart will. And there's good vibes from that.

[Rob Randall]

Payday loan operations merely see themselves as providing services to meet consumer demand. The dealers that loiter around Our Place would say the same.

[Mike K.]

See, the conditioning is very effective. Money Mart = drug dealing!

 

These money lending places have been slammed with such a negative image that your average consumer won't bat an eye to throw an emergency $1,500 expense on their credit card at 22%, but they'll scoff at a money lending place that'll charge them 10%. It's bonkers, but it's also the result of a very effective marketing ploy courtesy of the big banks.

[VicHockeyFan]

I think your figures are off for strictly payday loans.  And even Money Mart's instalment loans* (12-60 months) are nowhere near 10%.

 

*EDIT:  I just checked with a live agent, it's 59.9% at Money Mart.

Edited by VicHockeyFan, 18 November 2017 - 10:09 AM.

[spanky123]

Well, those are some rather negative perspectives.

Thing is, lots of professionals I know started out there in entry level to middle management type jobs. It's one of our few largeish non-government employers.

 

At one point there were 200+ people working at Money Mart locally. Don't know what that number is now but I would think that it is at least 100. 

 

If the rumour is true, Money Mart is not going away, they are just moving the head office jobs to Toronto or another city.

Edited by spanky123, 18 November 2017 - 10:10 AM.

[VicHockeyFan]

2015:

 

Institutions like easyfinancial and Money Mart have a growing presence in the instalment loan space. Easyfinancial’s advertised interest rate is 46.9 per cent, while Money Mart’s is 59.9 per cent — rates that ACORN said are boldly close to the 60 per cent legal limit.

 

Easyfinancial Services Ltd., which recently bought out payday lender Cash Store, is rapidly expanding across the country, and many of its 147 locations are situated in low-income neighbourhoods where payday lenders tend to operate.

 

http://www.huffingto..._n_7898598.html

 

Now, don't get me wrong, I have no qualms with them, I think they absolutely should be allowed to operate, and with little regulation.

 

But it's hard to see how anyone would paint them as saviours to the poor, or suddenly short-of-money.

Edited by VicHockeyFan, 18 November 2017 - 10:14 AM.

[Rob Randall]

Moneymart charges up to 600% APR on payday loans for some Canadians. SIX HUNDRED PERCENT!

"British Columbia residents: The APR on a $300.00 loan for 14 days in BC is 443.21% at the rate of $17.00 per $100.00 borrowed."

Now who's "conditioned"?

Edited by Rob Randall, 18 November 2017 - 10:19 AM.

[Mike K.]

Money Mart does not offer you a loan at 443% per annum (that's what you're insinuating). If your intent is to borrow an amount that is amortized over a lengthier period, you will not be paying 443% interest or 600%, or whatever.

 

What you are paying for that $100 loan is $17 of interest+fee, provided you actually pay it down in the period you said you would. If your intent is to borrow $100 and pay it back within a week then that's what you've agreed to do for a $17/$100 fee.

 

If your intent is to borrow $1,500 and pay it down within six months, you will not be charged the same rate as someone borrowing $100 for a week.

 

There's got to be income in there somewhere, right? If you offered people $100 at 17% annual interest after a week you'd have made a whopping $0.33.