Ottawa seeking lower credit card interest rates amid COVID-19 crisis

Lower-interest credit could be made available for Canadians

The federal government is asking banks and credit-card companies to lower interest rates on Canadians struggling financially because of the COVID-19 pandemic.

Prime Minister Justin Trudeau says the government is also looking at extending lower-interest credit directly to consumers.

The Bank of Canada has slashed its trend-setting interest rate to try to cushion the blow to business from a slowing economy, but credit-card interest rates, the ones that matter most directly to most consumers, remain high.

Speaking at his Ottawa residence this morning, Trudeau says Finance Minister Bill Morneau is in talks with major banks about doing things to narrow the gap.

“We recognizes they are a significant challenge for many Canadians at this point,” Trudeau said.

“We are looking at making credit more available and less expensive for Canadians to make it for the next few months.”

He says the government is spending billions on programs to help individuals pay their bills over the next few months as the novel coronavirus forces people out of work due to illnesses and enforced closures.

He says lowering the costs Canadians have to pay as they rely on borrowing to cover their expenses is another part of the effort.

– with files from Katya Slepian, Black Press Media.

More to come.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

CoronaviruseconomyJustin Trudeau

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

West Kelowna RCMP searching for suspects after stolen vehicle dumped

Police found the stolen pickup truck in the backcountry

Former Kelowna football player drowns in Fraser River

Kory Nagata went missing in the middle arm of the river

Auditions begin as film starts rolling in the Okanagan

An audition call for locally-shot feature films, made-for-TV movies and commercials takes place on July 11 and 12

Kelowna’s Friends of Dorothy to host LGBT2Q+ live music acts

Matthew Presidente and Pedwell are on the bill for July 7 and 8

Security camera captures woman stealing package from Westbank doorstep

Sharon Utton posted a video of the incident to Facebook shortly after it happened on Saturday, July 4

84-year-old Okanagan resident finishes 12,000-piece puzzle

Willie Tribiger started the puzzle in 2013, completing it in six and a half years

Aces aplenty at Okanagan golf course

Vernon Golf and Country Club has 14 recorded holes-in-one since April 30

Fraser Valley woman complains of violent RCMP takedown during wellness check

Mounties respond that she was not co-operating during Mental Health Act apprehension

B.C. sees 12 new COVID-19 cases, no new deaths

Three outbreaks exist in health-care settings

Lost dog swims Columbia River multiple times searching for home

The dog was missing from his Castlegar home for three days.

Booze on beach extended through summer in Penticton

Pilot project will stay in place until Oct. 15

Sad ending in case of missing Okanagan senior

Body of Vernon man Wayne Orser found floating in Okanagan Lake Tuesday, July 7

COVID-19: B.C. promotes video-activated services card

Mobile app allows easier video identity verification

ICBC to resume road tests in July with priority for rebookings, health-care workers

Tests have been on hold for four months due to COVID-19

Most Read