Reel in credit card rates and give families a break
NDP government will cap interest rates and regulate transaction fees
BRANTFORD - With Canadian households more in debt than ever, New Democrat Leader Jack Layton says it’s time for a government that will put the interests of consumers on par with those of Canada’s major banks. Layton spoke at a media event in front of a family home in Brantford, Ontario today.
“While banks benefit from record-low interest rates, Canadians continue to pay some of the highest credit card fees in the world,” said Layton. “It’s time Canadian families got a break. This recession has forced many families to turn to their credit cards just to make ends meet. As a result, the average Canadian family is now $100,000 in debt.”
Layton says Stephen Harper has repeatedly failed to stand up for Canadian consumers and small businesses by refusing to regulate interest rates and excessive credit card fees. Layton says he will cap credit card interest rates at five per cent plus prime, crack down on excessive transaction charges and make Harper’s voluntary credit card and transaction Code of Ethics into law.
“I believe we need strong banks for a healthy economy,” said Layton. “But when Canadians invest that kind of money, I think they deserve to get something in return.”