NDP Critic for Income Inequality and Affordability, Charlie Angus, called on the federal government to take immediate steps to make banks waive interest fees and charges on credit cards, bank loans, lines of credit and mortgages for at least the next two payments cycles.
“Credit cards have become an essential service as Canadians are being asked not to use cash to avoid the risk of infection,” wrote Angus to Minister Fortier. “Millions of people are facing severe impacts on their bottom line because of COVID-19. It is not right for banks to be charging interest on the critical need for short-term credit to get people through a difficult time.”
While the NDP welcomes favourably the Prime Minister’s ask to banks to lower interest rates, given the enormity of the crisis facing Canadians, we need assurance that interest rates will be waived.