New Democrat credit card relief motion passes in Parliament

OTTAWA – The New Democrat Opposition achieved a major victory yesterday for all Canadians who are suffering from the abusive practices of banks and credit card companies as its motion to take action to protect consumers was adopted in the House of Commons.

“The banks along with the credit card companies are using the recession as an excuse to prey upon and gouge Canadians,” said New Democrat Leader Jack Layton. “A majority of Members of Parliament passed this motion on credit cards and now are calling on the Harper government to stop dragging its feet and do something meaningful to protect Canadians consumers.”

The motion, tabled by New Democrat Consumer Protection Critic Glenn Thibeault mandates the Harper government to create legislation that will protect consumers from the unfair practices of credit card companies such as Visa and MasterCard. The motion includes measures to stop abusive fees and penalties; and ‘any time, any reason’ interest rate increases; and account changes. The legislation should also protect cardholders who pay on time and protect young consumers from aggressive credit card solicitation.

“The government has been sitting back and trusting credit card companies to police themselves. They just don’t get it,” said Thibeault. “New Democrats have always fought to protect consumers from being gouged and this motion calls on the government take real action.”