Capping credit card interest

[Hopperbin]

Why has this not been in an election before? 5 percent over prime, althought does not apply to me cause I pay my visa off every month is one election issue to look at and push our new gov't to enact. Any other good issues out there?

[Hopperbin]

I wish this post not to get into the cwb pissing match and try to keep the election issues to listed once.

[bucket]

Pretty good idea and even layton admitted it allows the card cos to make profit. Is jacko moving right?

As I always thought the ndp had declared profit as a dirty word. Unless it meant a board seat for someone somewhere.

Also considering cash/cheque is almost obsolete, there should be a cap on the convenience that was forced thru by the banks and businesses for cash flow.

[Fransisco]

I don't think you need a cap.

There is no such thing as a god given right to cheap credit card interest. Get yourself a line of credit at a bank and pay the thing off every month if you want a better rate.

Or alternately look to see what the barriers are to competition when it comes to credit cards.

[Hopperbin]

You have a point Fran so why is Credit card interest at near 20 percent and higher cause compounded monthly and tacked onto every purchase while unpaid. Although we do have a world best welfare system the credit card industry is somehow reaping excessive profits. Basically when one uses a credit card they make 2.5 percent for the one month they borrow you the money, and do they even pay out immediately or does it take that month to get paid?

[ColevilleH2S]

The Americans did something similar to Layton's plan when they mandated the banks to give mortgages to those who could not afford one. I seem to remember a housing bubble was the result.

It is my opinion that government's should keep their noses out of such things.

[lesm]

I have very faith in the Canadian consumer. If you are stupid enough to borrow money from a credit card company @ 22% interest, you deserve to be broke. Could you imagine the consumer debt of this country if interest rates were 6%!

[riders2010]

lt depends on what he credit card is used for. We've had to use it for repairs, an astounding number are using them for food, etc. and getting worse. If it is being used for a big screen that's different.

In some ways they are replacing inadequate wages, inadequate gov. programs, but they are not the answer because no business individual will tell you that there is a chance of getting out of a situation of 25% interest. Some people used them for necessity at 7 or 8 % interest but if lost their job or job wage not keeping up with inflation they turn the 7% into 25% if a payment is missed. Those are actually the people that need a break instead of kicked when down. But we couldn't do anything to hinder the god given rights of the extreme righties to what ever profit number they want to pick out of the air could we.

Get a kick out of these extreme righties insensitivity to their fellow man's hard luck while at the same time quoting bible versus about how good people they are. Hypocrasy and brainwashed nutballs.

Absolutely they should eliminate loan sharking there is lots of profit at 7 or 8% and the people using them can pay it back.

[grrrr]

A lot of people think their "wants" are "needs". Two lessons I distinctly remember hearing about the 1930's.
1. Don't buy anything you can't pay for.
2. Interest can kill you.