[Streaker]

The interest rates per se aren't predatory, but the ease with which a credit card can be acquired is.

[ridenrain]

RUEZ RUEZ:

ridenrain ridenrain:

The problem with credit cards is that they are pretty much a nessesity these days.

Even so, you don't have to use them. If you need one to rent things then get one but pay your bill in cash. This is just another law to help people that can't control their own finances.

I agree with that. It's not the governments job to protect idiots from themselves but I'd sometimes like to see the banks and credit unions who send these cards to dogs and teenagers take the hit instead of those of us who do pay them off.

[herbie]

Streaker Streaker:

The interest rates per se aren't predatory, but the ease with which a credit card can be acquired is.

Well let's see as they're essentially banks and borrow the money the lend you at 1/4%, and then charge you 30% that's only a 12,000% markup.
As I told my RBC Manager, my company will sign up for that Visa card the day after we replace all your computers with WalMart specials for only $50,000 per station. That's only fair. Not predatory at all.

[dino_bobba_renno]

ridenrain ridenrain:

The problem with credit cards is that they are pretty much a nessesity these days. You can't rent anything or really prove a credit history without them.
That said, it would be nice to see good users rewarded and not soaked to help payu for the bad users.

That's a great point and well put. If absolute caps are put in place the one fear I would have is that the people who manage their credit cards responsibly may end up being forced to pay higher interest rates to make up for those who don't. I can also see it becoming harder for those with less than perfect credit ratings having a harder time obtaining cards.

With that being said though I do think that there is a serious lack of competition in this industry and due to that I don't believe we can rely on the old "supply and demand" theory to limit abuse by credit card companies when it comes to charging unwarranted interest rates particularly when you consider how essential they've become in today day and age. I'm not sure if I would go as far as to advocate an overall and comprehensive cap on the rates but the rates themselves definitely need to be addressed in some manner. Maybe some type of a system where the credit card companies need to show reasonable cause for charging over x amount or something. I don't know, just an idea. It may not be the right answer but I don't think we can depend on the companies to not take advantage of the lack of competition they enjoy and simply lower the rates to a more reasonable level on their own.

Many of the proposed changes will be a good start though.

[dino_bobba_renno]

Streaker Streaker:

The interest rates per se aren't predatory, but the ease with which a credit card can be acquired is.

That's why I like the US proposal where credit card companies can't approach people under the age of 21 unless they can show they are financially able to make adequate payments. Oddly enough I all ways thought that was a requirement for any and every one.

[CanadianJeff]

RUEZ RUEZ:

jimzie jimzie:

As usual, the wishy-washy harper government has wishy-washyed through another issue. Sure not much backbone in Ottawa these days.

How do you mean?

he means this really does nothing to address any of the issues that need to be addressed. Not the least of which is the fee merchants pay of 10% every time someone uses their credit card to pay. Nor does it cap off interest like it should to help people pay off their debt and put money back into their pockets and the economy.

Basically this did jack all nothing and I think it's a total waste of our time and energy if this is going to be the result this government is going to put forward on an issue that's supposed to be important to them.

[Streaker]

dino_bobba_renno dino_bobba_renno:

Streaker Streaker:

The interest rates per se aren't predatory, but the ease with which a credit card can be acquired is.

That's why I like the US proposal where credit card companies can't approach people under the age of 21 unless they can show they are financially able to make adequate payments. Oddly enough I all ways thought that was a requirement for any and every one.

Something like that sounds promising. The cards are just too easy to get, IMO, and the limits too high, especially for people with lower incomes.

This is totally anecdotal, but an acquaintance of mine has over ten grand owing with a job that pays little more than minimum wage. Just crazy.

[DerbyX]

Scape Scape:

I'm against any cap what so ever. If you are foolish enough to sign up for it you should assume the risk/reward. The changes here as I read them make me solidly in the Flaherty camp and dead set against the counter proposal by the NDP/Liberal camp.

It's been a long time since I could say that about the cons.

Umm, isn't that the opposite of your thesis in the US banking/mortgage crisis? A credit card is similar to a mortgage isn't it? Credit companies should be regulated just like you posted that banks should be. Canada does have usury laws correct?

By my info the credit problems are arising not from young holders but from 25+ family adults. More often the not they get jacked up to the highest rate for bogus reasons which make digging themselves out impossible. Credit companies should be held accountable for bogus business practices including giving more and more credit to people who have more then enough.

[OldChum]

mtbr mtbr:

OldChum OldChum:

They would not do anything to radicle as the banks and oil are there money in an election .

How so? The Liberals always wanted bigger corporate tax cuts than the Conservatives. Tell us how Harper favors oil companies. Did you not here Iggy reminding Canadians the importance of Alberta oil to Canada's economy on his last and only trip through Alberta?

Not meant that they favor only that they will not piss there money lenders off with a package that might have cut there profits on the cards. Same as they will not really make the oil companies clean up there mess in Alberta .

[mtbr]

OldChum OldChum:

mtbr mtbr:

OldChum OldChum:

They would not do anything to radicle as the banks and oil are there money in an election .

How so? The Liberals always wanted bigger corporate tax cuts than the Conservatives. Tell us how Harper favors oil companies. Did you not here Iggy reminding Canadians the importance of Alberta oil to Canada's economy on his last and only trip through Alberta?

Not meant that they favor only that they will not piss there money lenders off with a package that might have cut there profits on the cards. Same as they will not really make the oil companies clean up there mess in Alberta .

right Got any proof of that ?

What makes you think the Liberals would do any thing differently?

What mess in Alberta? Have you ever been there ?

[DerbyX]

mtbr mtbr:

right Got any proof of that ?

What makes you think the Liberals would do any thing differently?

What mess in Alberta? Have you ever been there ?

The question is what proof do you have that the Liberals would screw this up? You don't, and any problems you have in Alberta are the result of your conservative government.

Vote Liberal and everything will be candy and roses.

[mtbr]

DerbyX DerbyX:

mtbr mtbr:

right Got any proof of that ?

What makes you think the Liberals would do any thing differently?

What mess in Alberta? Have you ever been there ?

The question is what proof do you have that the Liberals would screw this up? You don't, and any problems you have in Alberta are the result of your conservative government.

Vote Liberal and everything will be candy and roses.

I don't, but OC said the Tories are in bed with the banks and the oil companies.
I'm still waiting for him to show some proof.

Maybe you should read all the posts

[DerbyX]

YOU SAID: "What makes you think the Liberals would do any thing differently?"

Up to you to prove it.

[mtbr]

DerbyX DerbyX:

YOU SAID: "What makes you think the Liberals would do any thing differently?"

Up to you to prove it.

it's Friday

They'll never have the opportunity to prove otherwise.

I'll wait for OC to respond to the original request and just ignore your nonsense.

[DerbyX]

In other words you are beaten. Good to know!