Credit Card Rates Reforms Demanded

A northern Ontario MP has taken his fight for reforms to credit card regulations on the road and to the Rainy River district.

Glenn Thibeault , the NDP member from Sudbury, hosted a public meeting last night in Fort Frances and says the public needs better protection.

"You can make a call to your credit card company. Ask them to reduce your interest rates and they will do it," says Thibeault. "But if they're doing it and making billions of dollars on the backs of consumers, why isn't the government looking at making sure we can protect people against these interest rates that we're calling legalized loan-sharking in some cases?"

A motion passed in the House of Commons that would force credit card companies to eliminate their ability to raise rates at any time, but Thibault says the Harper government has yet to take action.