Canada’s unions are calling on Canada’s banks and credit card companies to step up and take action to support families through the COVID-19 crisis by reducing sky-high credit card interest rates.
“The Bank of Canada has reduced its lending rate to historically low levels and that means it’s cheaper for financial institutions to borrow money,” said Canadian Labour Congress President, Hassan Yussuff. “Passing those saving on to help struggling families weather this storm is the right thing to do.”
The CLC is calling on all financial institutions to reducing interest rates on all purchases made after March 15th, and all balances carried forward from prior to that date, for the duration of the COVID-19 health crisis.
“This is a defining moment in our country’s history, and I am urging CEOs to step up and take action to support the common good,” said Yussuff.
The CLC is collecting signatures to put more pressure on the banks and credit card companies to respond to this call, you can sign on here.
A letter has also been sent from CLC to the CEOs of financial institutions asking them to take steps to reduce the debt families are facing.