Canadian banks -reduce credit card interest rates to 2% during COVID 19
In this time of economic uncertainty and job loss, Canadian banks should give back and reduce credit card interest rates more than 10% to 2%. They will still make a profit. Decrease the credit card interest rate to 2% for every Canadian automatically, without bureaucracy, until the crisis is over and people go back to work.
Why is this important?
Canadian banks earn billions of dollars every year from citizens across this country. People are struggling to pay any bills and some face economic ruin in these unprecedented times. If individuals and businesses could pay less down on their credit cards, they could stave off debt until the pandemic is over which could be a while. Even at 10%, people can't pay and will face more staggering debt in the future. This is simply wrong.