Canadians are doing their part to stop the spread of COVID-19 by staying home, but this means many people are left with significantly reduced income. Even with benefits, many are struggling to get by and putting essential expenses on credit cards.
Credit cards have huge interest rates, which means that many people will have a hard time paying back expenses once the COVID-19 crisis is over.
Vancity credit union has taken the lead and reduced their interest rate to 0%.
It is time for the federal government to mandate other companies do their part and reduce interest rates to 1%.