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.