In credit card news

Stephen Harper, standing up for Canadians bankers!

Conservatives fail to stop credit card fleecing

Thu 21 May 2009

Harper abandons Canadian families by giving in to the big banks’ demands

OTTAWA – Middle class families who are feeling the pinch of irresponsible credit card company policies can expect no relief from the half-measures announced by the Conservatives today.

“The Conservatives said they wanted ideas, New Democrats supplied them. We said protect consumers, put a limit on interest rates and stop the outrageous fees and penalties,” said New Democrat Leader Jack Layton. “The measures announced today fall short of the New Democrat policy that was just adopted by the House of Commons. American legislators have shown they get it – they have helped American consumers by passing a bill that will stop arbitrary increases of credit card rates – the Harper government still doesn’t get it,” he added.

The New Democrat plan to stop credit card gouging was tabled by Consumer Protection Critic Glenn Thibeault and passed in parliament last month. The motion mandates the Harper government to create legislation that will protect consumers from the unfair practices of credit card companies. The motion includes measures to stop abusive fees and penalties; and ‘any time, any reason’ interest rate increases; and account changes. The legislation would also protect cardholders who pay on time and protect young consumers from aggressive credit card solicitation.

“Increasing the font size on credit card contracts doesn’t help Canadian families who are hurting right now. Interest rates are at an all time low, yet credit interest rates remain at an all time high,” said Glenn Thibeault. “Banks are targeting vulnerable Canadians. Why during this recession are the Conservatives just sitting by while Canadian consumers are still getting fleeced?”