Today, Mayor Patrick Brown made the following announcement to protect Canadians from high credit interest rates:
“Millions of Canadians are struggling to access credit and banking services amidst the Justin-Jagmeet affordability crisis. With the cost of everything skyrocketing, too many have maxed out their credit cards or have been made vulnerable to lenders who charge predatory interest rates. We must take action.
“It’s now estimated that there are about 1,500 payday loan outlets across Canada that are located mostly in low income neighbourhoods, where bank branches are closing. Some of these services charge rates well above 30%.
“As Prime Minister, I will crack down on bad-faith lenders working to get rich by exploiting financially vulnerable Canadians. My government will establish a national anti-predatory lending strategy to end the wide range of predatory loan practices that Canadians fall prey to, and cap credit card interest rates. I will also amend the Criminal Code to lower the maximum interest rate for any loan from 60% to 30%.
“In contrast, Pierre Poilievre doesn’t care if Canadians lose everything because he told them to gamble everything on volatile things like cryptocurrencies on the advice of his YouTube advisors, so long as he gets to promote cheap catchphrases and attract the social media attention he craves.
“Giving Pierre Poilievre an even bigger megaphone to promote his dangerous economic ideas will spell certain doom for the Conservative Party in the next election and, more importantly, could result in millions losing their pensions, retirement savings, or even their homes.
“The last thing Canadians struggling through the Justin-Jagmeet affordability crisis need is a politician presenting risky schemes as credible economic policy. Canadians need a fighter in their corner and a leader with real, credible solutions. That’s why I’m running to lead the Conservative Party of Canada ”