Credit card fees under scrutiny

The government needs to formulate strct regulation on interest rates and statement deadlines for credit card holders. The credit card companies use a number of excuses to raise the interest rate at will and this affects the economy in general. A few years ago I purchased a decent amount of RRSP`s from a `financial expert' at Scotia bank. After 3 years, I made $ 50. per every $ 1,000 and was told that I was lucky because I did not loose the capital. In the meantime, I have a couple of late payments on a credit card, after being a customer for 20 years, and my interest, which was around 10%, went all the way up to 20%. Talk about a good return on investment for the bank! I got a few buck for my investment and the bank made with my money a 20% return. wow. what a scam.

Here we go again a new budget that just rewards and justifies the horrendous financial robbery of everyone that deals with banks / credit card companies.

Regulate, Regulate, Regulate NOW. Dump the politicians who fail to represent the public interest.

Visa charges 19% interest on their card. What a scam!!!They seem to suck in the young people who will never become credit card debt free.GREED GREED GREED and shame on VISA and all the other card companies.

Tee hee hee now this is funny and timely indeed, because just last week I CUT UP one newly acquired credit card since they sent me a threatening letter to say that if I "defaulted on paying my next bill that my interest rate would go up to 29%!"
This was outrageous to me, because I already have this credit card and have always been good paying it off in time, but I thought I had to get this new card, because I was a card holder of one of the local stores around here.
I did not pay my bill right away and payed it all off about 3 weeks later due to low funds, but I did pay it all off. I then went to the store which I got the credit card through and told them," I no longer want their card, nor do I like their threatening letters!"
So I have only one credit card and have usually paid it off in time. The ludicrous thing is that it is the same credit card company's card as the one I got in the local store! Obviously they think I am someone else even though I have the same name! I think one card is good enough for me, and I don't spend more than I can pay back in time. I figure things are already expensive enough so why add interest charges to it!
I think there is some truth to the saying that, "The customer is always right"....well not always right, but pretty close, and if you press my buttons as a customer I shall give you your walking papers.

Just think people if we dare to we can cut up the credit cards and make them BEG for our business!
Otherwise they still have the upper hand and we become a slave to the lender!

How come us beavers are being ignored again? Last month, I sent in the financial recommendations of the thousands of lodge members I know to Mr. Flaherty, other members of parliamernt and the media.
No one even replied.
We all know that the secret to turning around the economic crisis in Canada, and around the world, is to turnaround consumer debt and to increase and recover family net worth. All the gig businesses and government spending rely upon the income we make and the amount we have to spend.
Heck, over the past 40 years in Canada, our banks "bank"-rupted over 350,000 businesses and over a million consumers. The government is crazy to loan them cheap money.
No - the government needs new programmmes that directly affect consumer wealth in a major way. The lousy $200 tax savings the budget offers me is a sick joke! It won't even pay the nest grocery bill for my family.
We need a 30% income tax reduction. It can be offset by about 70% through an increase in the GST to 10%. This will cause only a $9b shortfall to the $236 billion they will collect and spend.
We also need tax deductions for mortgage interest, frozen credit card interest rates at prime + 5%, tax free RRSP withdrawal to pay down mortgage principal, price freezes on home necessities such as gas, electricity, insurance, etc., income averaging for family members, five-year income averaging for tax rates, price controls on gasoline producers and diistributors, larger subsidies for public transit and lower fares. I think you get the idea.
This budget is just like the old "pork-barrel" budgets of old. Those with the power and influence to get heard are taken care of. The rest of us are left to be robbed and silenced with pitiful handouts.
In ten years the number of seniors will double! Where is the foresight to help ythese people acquite enough net worth to financially take care of themselves? After 40 years in the labour force, 70% of seniors will be financially destitute by the time they are 70, unless of course they worked for the government!

It is about time the government looked at something to help card holders. Over the busy holiday season working 24 days straight (seasonal contract) I overlooked a due date on an HBC (GE credit) card and when I did notice - 2 days late - went directly to the store and made a payment. It should be noted that I always pay more than the minimum and usually at least double. My January bill has just come in and my interest rate has risen from 19.5% to 24.9% ... This is definitely a card that will never be used again ! At that rate if I paid only the minimum it would take 25 years to pay off the debt (I am 60 now) and over $21K in interest. Needless to say this will be paid off this year.
As for young people, I agree something must be done to help them from getting sucked in to the lure of credit cards that begin at a low rate and slowly climb until they are strangled by the higher interest rates. An irresponsible government is one that ignores this problem as credit card companies get rich off the backs of our young people/families. We definitely need something to help them. Why is this not in the PRESENT BUDGET? And that does not even touch on the bigger problem - this will have a snowball effect.

Why all the complaints about credit card interest? I have 9 credit cards and have been using them for 46 years. I have never paid a penny in interest to these greedy credit card companies. I have never given them the chance. I buy only what I can afford and pay my bill before it is due. This is not rocket science. If you think these credit card companies are thieves and greedy scumbags, then why do you do business with them?

Hello sir, i like your comment it is very important news of notary public.people should about their government and its plans like notary public,that it is apart of government.from many decades this notary public constitution is made for public for their benefit.thanks for sharing such a nice topic with us.because today's busy like people just forgot their government.
thank you for sharing it.
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FriendyAnil
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adam
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