According to UPI, the Canadian Bankers Association defended credit card fees to a senate committee in Ottawa, saying consumers have a choice of 68 low-rate cards. I guess that’s like saying that Canadian consumer that don’t chose one of those 68 low rate cards are idiots.
The senate’s Standing Committee on Banking, Trade and Commerce is having hearings on fees amid complaints of interest rates as high as 24.75 percent, the Toronto Star reported.
CBA President Nancy Hughes Anthony said consumers unhappy with fees were free to shop around. Read that as, “Quit your bitching and Get the F*** Out.”
Hughes Anthony said. “I think we should remember that (credit cards) are not the only type of payment available to consumers … and they compete clearly with cash, with checks, with debit cards as well as unregulated electronic payment services like PayPal.” Can’t wait until the day comes that I can use PayPal at the grocery store.
Hughes Anthony justified interest rates as a result of banks’ processing costs, technology upgrades, rewards programs and outlays related to fraud. She said with the economy in decline, more bankruptcies and defaults are expected. What she didn’t say was that higher than expected losses were anticipated because the banks had been passing out credit like crack and people that should not have had cards, got them.