Banks, Credit Card Companies Making Money Hand Over Fist at Our Expense!

New Democrat forum hears evidence for government regulation
 
SAULT STE. MARIE -- Government has to protect consumers and small business from financial institutions turning huge profits on high interest and hidden fees, New Democrat Consumer Critic Glenn Thibeault told a forum here today.

“There is no regulation in this free market run amuck and so banks and credit card companies are making money hand over fist at the expense of consumers and small business,” said Sault MP Tony Martin who hosted the event for constituents. “Glenn shared the hundreds of different scenarios that attract fees and higher interest, with many stories people relate to.”

“What the government has done to intervene so far is somewhat helpful but it is all voluntary. It needs to be mandatory.”

Thibeault’s credit card forum tour is intended to help area residents better manage their credit card and consumer debt loads.

“Since my election, I have been pushing the government for more fairness for Canadian families when it comes to credit cards,” said Thibeault. “In the absence of concrete government action, these clinics are meant to fill the gap and help residents cope.”

New Democrats and Credit Cards: A timeline:

November 24, 2008 – New Democrats are first to raise alarm bells over Canadians being gouged by outrageous credit card rates in the face of recession.

March 27, 2009 – A nationwide poll shows a whopping 82 per cent of Canadians with credit cards support tighter rules for the credit industry.

April 27, 2009 – Listening to Canadians, New Democrats pass a motion in Parliament calling on the Harper government to protect consumers from credit card gouging. The New Democrat plan calls for legislation to end abusive fees and interest rate hikes, while protecting young people and those who pay their bills on time. A majority of MPs vote in support of the New Democrats.

May 8, 2009 – Harper’s Conservatives introduce their own credit card reform, which turns out to be little more than an information campaign to better show Canadians just how much they are getting gouged.

June 30, 2009 – Liberal and Conservative senators release a committee report recommending that consumers have their pockets picked even further. The report suggests that merchants be allowed to charge an extra fee to consumers who use ‘premium’ credit cards.

October 27, 2009 – The deadline set out in the New Democrat credit card motion comes and goes with no action from Harper’s Conservatives. Consumers are again left out in the cold by a government that puts banks and credit card companies first.

November 19, 2009 – The Conservative government once again sides with its corporate friends by passing a toothless voluntary ‘code of conduct’ for credit and debit card industries off as consumer protection.