The Canadian Labour Congress is launching a targeted campaign tomorrow to call on the big banks and credit card companies to help struggling Canadian families by significantly reducing credit card interest rates.
The COVID-19 pandemic has led to widespread anxiety among Canadians about their health and economic security.
More and more people in this country, including many of our members, are facing layoffs, job losses and dwindling job security. Many are turning to credit cards to pay for their basic needs.
Yet in this crisis, credit card interest rates remain sky high, often at about 20% or even higher.
We’re all making sacrifices to get through this difficult time – everyone except Canada’s big banks and credit card companies.
Year after year, the big banks and credit card companies make billions in profits off the backs of working Canadians. The Bank of Canada has just reduced its lending rate to financial institutions to a historically low level. So the banks and credit card companies are in a great position to step up and provide debt relief for families.
Yet they refuse to help people by significantly reducing credit card interest rates.
So the CLC is launching a targeted campaign to tell the big banks and credit card companies they need to do their part to help Canadian families and support our economy in these extraordinary times.
The campaign starts with an online petition which can be found at this link: https://action.canadianlabour.ca/credit_relief_now.
In the next few days, the campaign will ramp up to include social media ads, messages and shareable graphics, and other online actions that people can take such as sending a letter directly to the big bank and credit card CEOs.
I urge you to promote this campaign to your members and allies. We need to make sure the big banks and credit card companies hear our message that they must stop gouging Canadians during this crisis and significantly lower the interest rates on credit cards.