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NDP government will cap interest rates and regulate transaction fees

Jack Layton speaks out on credit card fairness for consumers and small business in Brantford, On

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.”

“Capping credit card and bank fees will help families deal with rising debt right now,” said local New Democrat candidate Marc Laferriere.  

“The income splitting proposed by Harper yesterday offers no help to low income or working families or those separated or divorced and wouldn’t kick in for five years from now if ever.”

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Brant Federal New Democrat Candidate Marc Laferriere addresses local and national media outside of a home in Brantford, On

This was the first policy announcement made by New Democrats in this election “This election we have been focused on ideas in Brant that work for Brant.  I think it’s appropriate that Jack was here today to talk about an idea that would help many in our community save a great deal of money.” said Laferriere who has had a dynamic 18 month campaign in the riding.

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.”

Laferriere has been finding the same thing in the local area. “We have been surveying small business in the riding and their answers are frighteningly similar.  They say to us we are being nickelled and dimed to death and it is preventing us from growing.”

Following this announcement New Democrats released an online calculator designed to help Canadians discover how much they could save with this proposal.  You can check out how much you would save with a capped interest rate for credit cards by going to this online calculator at http://www.ndp.ca/credit-card-caps.

 

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