Windsor West MP Brian Masse is getting his wish for the federal government to study the impact of high interest rates and bank fees on Canadians.
The Standing Committee on Industry and Technology will delve into how high interest rates, excessive fees, and consumer protections in the credit card industry affect Canadians struggling to make ends meet. It will also study access to consumer protection measures, predatory lending practices, and the importance of financial literacy.
Masse made the motion for the study in the House of Commons last month.
"I've heard repeatedly that life post-COVID is increasingly difficult for Canadians," said Masse. "Wages aren't keeping up, job availability is uncertain, and the cost of essentials like housing, food, and medicine are soaring. Many Canadians rely on credit to cover rent and other necessities, leaving little room for savings or debt repayment."
He calls the study vital.
The study will consist of four meetings and will consult with financial experts, consumer advocacy groups, and the credit card sector.
