Monday, January 21, 2008

Conacher backs NDP credit card cap

Remember back in the ‘90s, when the banks told us -- via Bob Dylan -- that they were “a’ changin’ ”?

Well, if their reaction to Jack Layton’s call for a cap on credit card interest rates is any indication, they’ve a’ changed back.

The NDP has staked out issues like credit cards, ATM fees and cell phone over-charges precisely because consumers know they are getting shafted by companies who hike fees while profits grow. As their reaction shows, the banks don’t have answers, only denials.

Duff Conacher is in agreement with Layton. Today, the head of the Canadian Community Reinvestment Coalition weighed in saying:

“No corporation has a right to gouge, especially when providing an essential service such as banking or trying to recoup self-caused losses like the banks are suffering from, so the least the Conservative government can do is protect Canadians from being gouged by requiring banks to prove their credit card interest rates and bank charges are fair.”

By denying that there is a problem with 29% interest rates and inexplicable fees, the big banks are right back to their patronizing best. Smug denials and haughty advice to “shop around to find the credit card” that hoses you least may wash with the National Post editorial board, but not consumers.


Sean S. said...

damn socialists! get a job!

Blogging Horse said...

Sean S. said... damn socialists! get a job!

ha! with all the fee hike notices in the mail, one won't be enough. you should probably get three or four of them.

Platty said...

Tell me something BADH

- Do you get charged 29% on your credit card?
- Do you pay an unrealistic service charge to your bank for using your debit card?
- Does your cell phone service provider over charge you?


Blogging Horse said...

Maybe Jack Layton pays 29% in credit card interest. Maybe Duff Conacher pays $3 to access his own money though an ATM. Or, maybe some blogger does.

What does it matter?

The fact is, millions of Canadians do and it affects the choices they make about simple, but important things in their lives, like under whose terms they can access their own money or whether or not to make or take a phone call.

Thats why the NDP and a lot of others are calling for fairness.

Platty said...

If you are paying these rates, then I am truly sorry, but, you have the ability to avoid these costs.

If you are a credit risk, if you choose to use an ATM that will charge a fee for each use, or if you are not aware of your cell phone useage, then you deserve to be charged. Correct me if I am wrong, but, isn't every cost/fee you describe in your post avoidable?

The government is not there to bail you out when you make stupid decisions, or take care of you because you have screwed up you credit rating.

I, for one, would rather control my own life.

Blogging Horse said...

Sure, we should all be responsible for our actions.

But that includes the banks and phone companies.

Platty said...

If we are all responsible for our actions, then there is no need to worry about the banks and the phone companies.

Teaching people how to handle the money they have would go a lot further, and be a hell of lot more practical, than barking about how hard done by we all are.

I'll tell you something else, those who are always looking to someone else to fix their problems for them, will never get ahead in life. They will forever be the followers.

Wait a minute, now it becomes crystal clear. The NDP want these people to be dependant on them, control them when they can't control themselves.

Okay, now I see where this all comes from. It was never about helping Canadians, it's all about keeping them down.

Ah well, good luck with that.


Blogging Horse said...

You heard it consumers. You’re on your own to fend against toxic toys and tainted tuna.

Probably fair to say this Dickensian vision of corporate libertarianism was depopularized by events like Enron, Nortel, Bre-X, Tyco, WorldCom, and the current sub-prime mortgage disaster reeking havoc on the US banks.

Platty said...

You heard it consumers. You’re on your own to fend against toxic toys and tainted tuna.


There's some good NDP logic for you, now the banks and phone companies are slipping GI Joes and dead fish into our safety deposit boxes!

Hey, if you can't argue your own post without going off on some insane tangent, don't bother trying.

Blogging Horse said...

Defence of the right and obligation of government to regulate to protect consumers (be they consumers of food, toys or financial services) is entirely consistant.