Canadaa??s unions call on banks to reduce credit card interest rates for all

OTTAWA, April 08, 2020 (GLOBE NEWSWIRE) -- Canadaa??s unions are calling on the countrya??s financial institutions to do more to mitigate the economic fallout of the COVID-19 pandemic by further reducing credit card interest rates and applying new rates to anyone with a credit card.
a??This pandemic has led to major disruption in the lives of many Canadians and is taking a financial toll. Many people have no choice but to turn to their credit cards to pay for basic needs,a?? said Hassan Yussuff, President of the Canadian Labour Congress (CLC). a??The banks have made some moves to help, but ita??s simply not enough.a??With the Bank of Canadaa??s lending rate at a historic low, financial institutions have an opportunity to pass along those savings to help all of us weather this storm. Ita??s not enough to provide a break for only a segment of borrowers, forcing desperate people to jump through hoops; this policy must apply right across the board for all customers.a?? A Yussuff sent a letter to the CEOs of Canadaa??s largest banks and credit card companies late last week urging the reduction. That action is being followed by a broad campaign to encourage Canadians to add their voice to the campaign and to reach out to the banks as well.So far, over 5,000 people have joined the campaign, sending letters and tweets to raise the issue and over 2,500 have signed on to a petition.
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