You are using an older browser version. Please use a supported version for the best MSN experience.

Top Stories

Feds seeking lower credit-card interest rates over COVID-19

The Canadian Press logoThe Canadian Press 2020-03-26
© Provided by The Canadian Press

OTTAWA — The federal government is asking banks and credit-card companies to lower interest rates on Canadians struggling financially because of the COVID-19 pandemic.

Prime Minister Justin Trudeau says the government is also looking at extending lower-interest credit directly to consumers.

Related video: Will you be paid? How COVID-19 impacts your employment rights (Provided by Global News) 

UP NEXT
UP NEXT

The Bank of Canada has slashed its trend-setting interest rate to try to cushion the blow to business from a slowing economy, but credit-card interest rates, the ones that matter most directly to most consumers, remain high.

Speaking at his Ottawa residence this morning, Trudeau says Finance Minister Bill Morneau is in talks with major banks about doing things to narrow the gap.

He says the government is spending billions on programs to help individuals pay their bills over the next few months as the novel coronavirus forces people out of work due to illnesses and enforced closures.

He says lowering the costs Canadians have to pay as they rely on borrowing to cover their expenses is another part of the effort.

This report by The Canadian Press was first published March 26, 2020.

Are you on LinkedIn? Follow Microsoft News Canada and keep up with the latest industry news, career, jobs and tech updates. Connect with us now!


AdChoices
AdChoices
Loading...

XD Load Error

image beaconimage beaconimage beacon