Mr. Reginald Stackhouse (Scarborough West):
Mr. Speaker, in the past two weeks three chartered banks have heeded Parliament's call to cut interest rates on credit cards.
When are major retailers and department stores going to show that they have some responsible corporate citizenship too? They are still levying a whopping 28.8 per cent interest on unpaid balances whether a balance is $40, $400 or $4,000. One department store pushes its charge cards by saying it will help the consumer with a new home, a new baby, a new decor, a new hobby, a new style, but it does not add "at the same old interest rate". Another says that it is easier and faster to use the charge card than to write a cheque. It is, Mr. Speaker, until you pay 28.8 per cent interest.
April 3, 1987
Oral Questions LABOUR RELATIONS
Sub-subtopic: CREDIT CARDS-HIGH INTEREST RATES CHARGED BY DEPARTMENT STORES