Credit card companies charge way too much for interest rates. Capping them at reasonable amounts would benefit all. Increasing the interest rate for people having difficulties seems counter productive. Lowering them to allow pay off would be better for both the companies and consumers. Most people I know would rather pay them off than file bankrupcy. But in the end the best way to avoid interest is not to carry a balance.

I like it just the way it is. I put EVERYTHING on my credit card, but pay it off every month. I pay no fees, no interest and once a year I get about $150.00 cash back. The key is not to buy anything you cannot afford. This concept is so simple that if you do not understand it, you deserve to pay ridiculous amounts of interest.

that is very good for people that low income like me.

I would like to see "0" limit credit cards, or pay as you go credit cards. It has become mandatory that people have credit cards in order to travel, make reservations, make certain purchases, or put up collateral. Even pay as you go credit cards make life difficult, when they are not recognized at many locations, or for many services. Even though they have master card, or visa on them, they still do not carry the power, even with huge amounts on them. Also with limited outlets they are hard to service. Why can't the banks be required to carry &/or recognize these in the same why that over charged credit cards are. If the money is not there, than it is declined. There is money to made with my service charges, but I guess it is not enough.

I agree with Richard.

All of a sudden, the 1.9% interest rate climbed to 25+% and when the recession hit me square on, I paid a small amount each month, that would have been the equivalent of the interest based on the original rate. After a few months of my paying a nominal amount each month, the CC co. threw up their hands, ignored my pleas for leniency and placed my card into collection with a totally un-businesslike agent! Such a turkey. I'd use stronger language, but this is on the web!

They've tried intimidating me, threatening me, calling me unheathly names, shoved my nose in the catdung...and continue to call and harrass me at every turn, almost weekly.

I'm a pensioner, and on commissioned sales. This doesn't matter to the a**hole collection agent. Obviously he's never been there, done that...and as a result, is still getting his wages paid, regardless of how insolent he is towards the customers of the original company. There really ought to be a law against such pervasive collection techniques, and from credit card companies who
continue to use these very derogatory methods to collect the outstanding balance, at over 20% interest, that they can. If the rates were even capped at double the originally offered rates, say 3.8% interest, or double that, to 7.6%, life would not have become so complicated!

But to jump to 25+% interest with penalties...no bloody way anyone in their right minds can cope with that!

Sorry, but I'm really unhappy about the quality of service and the actions of the collection agency, after the accounts exec. could not relate and refused to acknowledge and appreciate that we were in a recession--about a year ago.
I've continually sent payments, and they are totally thank-less.
It is my understanding that negotiating the unpaid balance less a lot of the unpaid interest is what the government has tried to implement. Not the case with this particular company. They are above the laws of Canada.

I agree with Richard.

All of a sudden, the 1.9% interest rate climbed to 25+% and when the recession hit me square on, I paid a small amount each month, that would have been the equivalent of the interest based on the original rate. After a few months of my paying a nominal amount each month, the CC co. threw up their hands, ignored my pleas for leniency and placed my card into collection with a totally un-businesslike agent! Such a turkey. I'd use stronger language, but this is on the web!

They've tried intimidating me, threatening me, calling me unheathly names, shoved my nose in the catdung...and continue to call and harrass me at every turn, almost weekly.

I'm a pensioner, and on commissioned sales. This doesn't matter to the a**hole collection agent. Obviously he's never been there, done that...and as a result, is still getting his wages paid, regardless of how insolent he is towards the customers of the original company. There really ought to be a law against such pervasive collection techniques, and from credit card companies who
continue to use these very derogatory methods to collect the outstanding balance, at over 20% interest, that they can. If the rates were even capped at double the originally offered rates, say 3.8% interest, or double that, to 7.6%, life would not have become so complicated!

But to jump to 25+% interest with penalties...no bloody way anyone in their right minds can cope with that!

Sorry, but I'm really unhappy about the quality of service and the actions of the collection agency, after the accounts exec. could not relate and refused to acknowledge and appreciate that we were in a recession--about a year ago.
I've continually sent payments, and they are totally thank-less.
It is my understanding that negotiating the unpaid balance less a lot of the unpaid interest is what the government has tried to implement. Not the case with this particular company. They are above the laws of Canada.

Sorry, guys, that was I agree with the person following Richard...aka dee lanan.

Thanks for letting me blow off steam!
I'm back on track to get my Cc's up to date
and everything current...except for one exception!

Credit cards maximum interest should be taking care
of by Parliament once more, and should never exceed 10% .

I am so glad jubbi is comfortable to take advantage of others. It is the 'ability' of the SOCIOPATH to find 'glee' in taking advantage of others. As, the only way to receive $150/yr. is to get it from someone else and to think it is from the 'company' is infantile.
To take advantage of the disadvantaged (due to any circumstances) is the definition of cruelty and an inexcusable.
I hope jubbi never gets the 'short end of the stick', although it sounds like jubbi has never made a mistkae except when 'he' thought 'he' was wrong!

You think the banks are scaming the average cardholder. Policital party members holding office use credit cards regularly for daily \ monthly or any other so called acceptable expenses. The debt on those cards are paid by the taxpayer. Rarely are they paid on time so guess who pitches in and pays the interest. On the other side of the coin guess who ends up collecting Air Miles or other card user benifits. Why would our politicians want to correct a injustice inflicted on the average citizen when his pockets are being lined and hes able to enjoy paid vacations on the public. Wise up people

But, Bill, 'airmiles' are the second most contested item in a divorce. How would we replace that title?
(Children 'n Pets are equal at 1st!!!!!!!)

The article does not make it entirely clear but recently the grace period for credit cards were changed. No longer did you get an automatic grace period if you carried a balance. One had to "earn back" the grace period by paying off your balance in full, two months in a row. Now are we back to the way things used to be?
The banks snuck this change in without many noticing. Did you?

Cmon, ladies and gentlemen, Credit cards are OUR responsibility to pay off,

I know when I 1st received mine ALL the usurous interest rates were clearly marked on the application.

Its a unfortunate evil, but one we have to live with.

Its called personal responsibilty, you play....you pay.

Prending you are a innocent victim is just bull.

You spent more money then you could afford to pay off easily....

well then you tighten your belt and get to paying that bottom line down.

Dont go crying to the bloody nanny state to fix the mistakes you made, take responsibility for your own actions and PAY OFF YOUR DEBTS!!!

I agree with Richard, however Jubbi makes an excellent point. The basic use of a credit card is so simple, yet so many are in debt due to their own stupidity!!! As Jubbi says,"What u can't afford, don't buy it!!!", and yet as I stated earlier so many stupid people in debt!!!
Folks u don't need to put cell phone bill pymnts, on ur credit card or other unecessary pymnt options on ur credit card and then go on to 'shop 'till u drop', only to realise at the end of the month on when ur pymnt is due u just can not affrod it!!! Be wise and think before u buy!!!!!!!!!

Even if you pay off a total amount, on or before the due date and the card is not active (no purchases), the bank sends a statement 14 days later, claiming interest. It would be nice if everyone in business could charge interest on a zero balance.

ull the plug on all credit card. Credit card are another ponzi scheme. Old days are good days, you can afford it don't think of buying it. at for the comment made by robert "Dont go crying to the bloody nanny state to fix the mistakes you made, take responsibility for your own actions and PAY OFF YOUR DAMN DEBTS!! " You can tell he is a bottom feeder collection agency"

Well they are in the business of lending money for profit the same goes to them lender you gamble you lose. The only people you should pay are those people who are your friend that do not charge any interest for lending money to me they are more important than those corporate ponzi credit card and lending institution.

Well this is going to be interesting on my Card.. It shows a minimum payment of 0$ on a balance of 4,000+$..
Go figure guess it will take me a while to pay this balance off... My father will roll over in his grave but I agree with the NDP MP Glenn Thibeault, there should be a cap on interest rates BUT based on your credit rating, the better your credit rating the lower the rate.. I have a perfect credit rating and 0$ in debt but my RBC Premium credit card carries an interest rate of 19.5% GO figure..Best advice I can give is PAY YOUR CARD OFF EACH MONTH and save a small fortune..

I understand some folks need to have a credit card and some folks can handle it. There are others who grew up without one, do not have the skills to handle the card and I think this group should have a cap for interest. It is like the card companies are preying on this lot. Those who have the money can pay it off in 21 days, others will not be able to. I personally have cut up all my cards as I am tired of paying large amounts back to the companies. I have also started to not give business such as hotels etc my business where I must have a credit card to book etc. I think the business world has some responsiblilty to accept here, as the card is promoted as being secure, only way to travel, book airlines etc. What did the world do when we had no credit cards? I remember in the 50's and onward, we survived very well with cash. I say let's go back to cash, we then would have less bankruptcy claims etc. The public pays for the mistakes not the companies who are losing. Each and everyone of us does. So why are we promoting credit cards, they are very easy to get when you are young. The banks almost beg the young ones to take a card.

In the old country you pay cash or safe till you have the money. 1967 when i came to Canada you need credit. what for. if i buy a house, fine. for a car i save. for everything else i save. now cant get gas in BC with out credit card . bummer

I find it quite surprising that some people here are supporting the credit card companies. Sure, it's each persons responsibility to pay off the debt owed, but wouldn't you prefer having the interest decreased significantly? I don't think most realize just how much interest they're paying in the long run on a credit card at 24%.

I can not wait for this credit reform. It's about time the government steps in and helps us out. Canadians are drowning in debt!