Access to low interest credit could provide much needed COVID-19 financial support: CBA
Prime Minister Justin Trudeau is applauding the country’s lenders for offering lower interest rates on personal credit cards, but says more can be done to help.
“Canadian banks depend on a healthy economy,” Trudeau told reporters Tuesday. “And Canadians who are successful know that if we face extremely tough times, companies will suffer also.”
“We continue to have discussions that are really focused on the need for banks to do more. We acknowledge they have gone in the right direction, but we see every day the crisis is more and more of a challenge for everyone.”
Canadian Imperial Bank of Commerce triggered a wave of announcements from the Big Six banks when it was first to announce on Friday that it was offering lower interest rates on credit cards for Canadians facing financial hardship due to the COVID-19 pandemic.
Trudeau referred to the relief from high credit card interest rates as being a good first step, and said the government is looking at more options to help indebted Canadians during the crisis.