NDP will cap interest rates and regulate transaction fees

Here in Esquimalt-Juan de Fuca, some of the top issues people face are pocket book issues. As a Councillor in Esquimalt, Randall Garrison has worked to make life more affordable for people and putting a cap on the interest rates credit card companies can charge is just one practical solution he'll advocate for as a member of Jack Layton's team.

With Canadian households more in debt than ever, New Democrat Leader Jack Layton says it’s time for a government that will put the interests of consumers on par with those of Canada’s major banks. “While banks benefit from record-low interest rates, Canadians continue to pay some of the highest credit card fees in the world,” said Layton.

Stephen Harper has repeatedly failed to stand up for Canadian consumers and small businesses by refusing to regulate interest rates and excessive credit card fees. The NDP will cap credit card interest rates at five per cent plus prime, crack down on excessive transaction charges and make Harper’s voluntary credit card and transaction Code of Ethics into law.

“I believe we need strong banks for a healthy economy,” said Layton. “But when Canadians invest that kind of money, I think they deserve to get something in return.”

While Jack has been working on plans to help reduce people's debt from Ottawa, Randall Garrison as a City Councilor in Esquimalt, worked to make Esquimalt the second municipality in Canada to commit to hiring municipal workers at a living wage. By working with council to legalize secondary suites, Randall helped to improve the availability of affordable housing in the community.

You can trust New Democrats to work on the issues that matter to you and find practical solutions to make life more affordable.

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