Since 2004, personal debt in Canada has skyrocketed 40 per cent to its highest level ever. From coast to coast to coast, families are struggling with unpaid bills and interest payments they cannot make. Yet big banks and credit card companies continue to rake in billions by gouging consumers with unchecked fees and rates—some topping 20 per cent. What’s more, the government is letting it happen.

That’s why New Democrats have taken the lead on protecting Canadian families and small businesses from outrageous credit card gouging. While the Conservatives side with their corporate friends on Bay Street and the Liberals drag their feet, New Democrats are proposing fair and sensible ideas to make life more affordable for you.

We’re calling for the government to create legislation that safeguards consumers from the unfair practices of credit card giants like Visa and MasterCard. Our plan, modeled on the Obama administration’s landmark credit card reform, calls for an end to abusive fees and penalties, as well as to ‘any time, any reason’ interest rate hikes and account changes. It also protects consumers who pay their bills on time and targets aggressive credit card solicitation to young people.

The majority of MPs voted for our comprehensive plan back in April, yet the Conservatives have refused to act. Instead, they have repeatedly sided with rich credit card companies, allowing them to police themselves, while introducing half-measures that do nothing for Canadians who are being fleeced.

New Democrats also working to ensure Visa and MasterCard’s entry into the debit market is fair for consumers and small businesses. Without action, it’s only a matter of time until Interac, Canada’s low-cost debit network, is shoved aside by these and other large corporations looking to make money off the $168 billion debit card market.

We’re acting because we believe in fairness and making life affordable. We’re acting because we know that you deserve better.

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