Flaherty Says He will Examine Credit Card Companies


 Jim Flaherty, the funny little finance minister(and no relation to Joe of SCTV fame…but he acts like him)has said that he will examine the possibility that credit card companies are literally raping consumers in Canada.He is so adept at reading the minds of consumers these days!
 Mr F., where have you been? Canadians have been waiting for this for a long time. In fact, we have been waiting for this to happen for several years,. and through several governments.
  Most Canadians that have credit cards are struggling to pay down their debt loads which never seem to get any smaller. Interest rates range on most credit cards from 12.9% interest to 28% interest. 
 I for one think that the government should limit card rates to perhaps 10% over the prime rate of the country. These days that would mean the card companies would earn almost 12% interest on their loans which is substantially higher than any other present investment in this ravaged economy.
 If they do not lower the card rates, thousands of consumers will just go broke, which will just reduce the amount of profits these companies earn. If they lower the rates, it may help to kick start the economy.
 To me it appears criminal to charge interest rates that are 10 and 14 times the amount of our prime rate.

One Comment

  1. Anonymous
    Posted April 24, 2009 at 11:30 am | Permalink

    The banks should be allowed to charge anything they please. It’s their money and the government should butt out and mind its own business.

    Nobody is making anyone use the damned credit cards and what is the problem with just paying it off at the end of the month and beating the interest charges? If you can’t afford to use the card responsibly you shouldn’t have one.

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