A local Member of Parliament hasn't given up his fight to make credit card companies accountable to Canadians.
Windsor West MP Brian Masse has introduced a motion in the House of Commons, calling on the Standing Committee on Industry and Technology to study the regulations and practices of credit card companies.
"Canadians are struggling with the high cost of living and carrying more credit card debt, with punishing interest rates," said Masse. "We need to crack down on the greed of these big credit card companies and protect Canadians. New Democrats want answers on how we can take on this gouging, reduce fees, and improve oversight."
Masse's motion requests that a study look into the following.
Interest rates and their effect on Canadian consumers, and potential measures to control them.
Fees, charges, and their effect on household finances.
Consumer protection measures related to credit cards, with a focus on improving transparency in credit card terms, interest rates, and fees.
Predatory lending practices, and recommendations for stricter regulations to prevent exploitation of consumers.
Financial literacy
Regulatory oversight
Practices that pertain to interchange fees
The motion recommends that the study involve at least four meetings, and include consultations with financial experts, consumer advocacy groups, and representatives of the credit card industry.
Masse cited a recent study showing that Canadian credit card holders are having trouble making payments, an issue made worse by high interest rates.
"For too long, Canadians have been taken advantage of by these ultra-rich corporations and it’s time to take action," said Masse.
