Tony shines light on unfair credit card practices

NEWS RELEASE

TONY MARTIN, MP

************************* Martin calls for credit card fairness

Put Canadians first, not tax giveaways to banks and credit card companies SAULT STE. MARIE, ON - As many Canadians receive their holiday credit card bills - and retailers pay out sky-high transaction fees - it becomes clearer and clearer that predatory credit card companies are a serious problem in our community, said New Democrat MP Tony Martin. Martin said that New Democrat Leader Jack Layton has been raising awareness this winter about how the government is allowing consumers and retailers to be gouged by unfair fees, while Canada’s banks collected over $20 billion in profit last year. “We are still seeing predatory financial institutions handing out credit cards to people with little ability to ever pay them back,” said Layton. “While at the same time, Canadian retailers are being unfairly charged excessive credit card fees for transactions. It’s time the government put a stop to this.” Martin pointed out that he has been hearing from small business owners who say they cannot afford these unfair fees. “Most small businesses operate with a paper thin layer of profitability,” said Martin. “There are many businesses that could be sunk because the Harper government refuses to act. Instead of helping small businesses, the Conservatives choose to give out new massive untargeted tax breaks to profitable multi-national corporations and banks.” New Democrats have been highlighting how the Harper government had promised tough regulations for credit card companies but later broke their promise and instituted a toothless voluntary code of conduct that has quickly become irrelevant. "In these challenging times, Harper should be giving Canadians a break, not his friends at the big banks,” concluded Martin. *************************