Teamsters Canada applauds potential decrease in credit card interest rates

"Any promise by a politician to help Canadian families resonates with the Teamsters."  

LAVAL, QC, April 6 /CNW Telbec/ - Last week, NPD leader Jack Layton stated that if elected prime minister, he would cap credit card interest rates at 5% over the prime rate and reduce excessive transaction fees. This announcement is consistent with the position taken by the Teamsters Union on this matter in the mid-2000s.

"We have been calling for lower interest rates and transaction fee regulation since 2005," explains Teamsters Canada president Robert Bouvier. "We feel that banks are making excessive profits on credit cards at a time when the public is being encouraged to reduce its debt."

According to Mr. Bouvier, it doesn't make sense for credit card companies to charge as much as 16% when the Bank of Canada key rate is 3%.

"Any promise by a politician to help Canadian families resonates with the Teamsters," added the Teamsters Canada president. "Times are tough and we have to ease some of the pressure on workers."

The Teamsters Union represents 125,000 members in Canada in all trades. The International Brotherhood of Teamsters, with which Teamsters Canada is affiliated, has 1.4 million members in North America.

SOURCE TEAMSTERS CANADA

For further information:

Stéphane Lacroix, Director of Communications, Teamsters Canada
Mobile: 514-609-5101
Office: 450-682-5521 x236
Email: slacroix@teamsters.ca

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