Gail Vaz-Oxlade Wants Canadians to School Lenders

Credit Education Week: November 13-19, 2011

TORONTO, Nov. 1, 2011 /CNW/ - Gail Vaz-Oxlade's push to get Canadians mad at lenders is picking up steam. After her first Facebook party in October, she's following up with a Twitter party (#SchoolLenders) November 3 and another Facebook party November 10, the week before Credit Education Week.

"School Lenders is about returning to sound lending practices," says Vaz-Oxlade, who believes the credit scoring system is too broadly embraced as the one-stop credit granting tool. "It was never meant for credit adjudication. It's a marketing tool to identify profitable customers. That's why people who make only minimum payments score better than folks who pay off their entire balances every month."

Vaz-Oxlade urges a credit strike during Credit Education Week. She wants people to avoid credit card transactions from November 13th to 19th, using only cash. "We're not happy with how lenders do business, nor with how the credit score is misused."

"Imagine a world where credit is only a tool, not a noose around your neck," says Vaz-Oxlade, who thinks a week of cash transactions should also encourage retailers to consider cash discounts to avoid credit card fees they're always complaining about.

"I'm all for people taking personal responsibility for their debt," she says, "but banks have a responsibility to lend judiciously." She's seen too many people given too much credit. "You can't lend irresponsibly, and then use default rates to excuse high interest rates," she says. "That's just wrong!"

"Lenders need to be schooled. Canadians won't put up with them riding to record profits on the backs of folks who should never have been given all the rope they needed to hang themselves," says Vaz-Oxlade.

SOURCE J9 Communications

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