Here is a letter from the president of the Canadian Labour Congress to the top executives of the country’s banks and credit card companies to lower credit card interest rates.
This week I sent a letter to the top executives of the banks and credit card companies.
I went straight to the point. I told them that they have a responsibility to reduce the skyrocketing interest rates on credit cards–now.
And I know I’m not alone in this belief. Please write to them now and tell them that enough is enough.
We are experiencing a global health crisis. The banks should not be profiting from our difficulties.
The pandemic makes it difficult for us to pay our bills and care for our loved ones. An increasing number of people will rely on credit cards to get by. Why should they have to pay high interest rates?
After all, the Bank of Canada has lowered its prime rate. Why would the big banks and the credit card companies not pass on the savings they are making to the people who need them?
Write to them immediately to put pressure on them to do the right thing. We are in a crisis and we are all in this together.
Hassan Yussuff, president
Canadian Labour Congress, the national voice of Canada’s unions
Fighting for workers and their families