The Province is warning residents about the risks and responsibilities that come with high-cost credit.

The Manitoba Consumer Protection Office recently developed resources to guide users through Payday loans and promote financial literacy.

"Not all loans and credit options are created equal, and some may cost more than you think," Finance Minister Scott Fielding said in a release. "These resources are being launched today to mark Financial Literacy Month and clearly explain what you should know if you’re considering a payday loan or another type of high-cost credit product."

Payday loans are short-term loans that are typically less than $1,500 and usually must be repaid by the borrower’s next payday. High-cost credit products are loans and lines of credit that may charge high rates of interest and fees that can be difficult to repay for financially vulnerable consumers.

High-cost credit products can come with annual interest rates as high as 39.99 percent and create a cycle of debt that is difficult to break out of.

Learn more here: https://www.gov.mb.ca/justice/cp/cpo/index.html