The Saskatchewan NDP is calling on the provincial government to try and protect families from predatory lending, as well for banks to cut credit card interest rates during the COVID-19 pandemic.
NDP Finance Critic Trent Wotherspoon is asking for credit card interest to be capped at 11 percent, for short-term loans to be capped at 19 percent interest, and mimic Alberta in capping fees for payday loans at $15 per $100 borrowed.
Wotherspoon says that it’s the job of the government to help people facing dire financial situations due to COVID-19.
“We know that the situation that people are facing right now is dire, and they’re looking for a lifeline, not a mill stone,” said Wotherspoon. “We owe it to them to act to protect them to end these predatory rates.”
NDP Leader Ryan Meili says that is unacceptable for people to have to deal with predatory loans during the pandemic.
“It’s really important that, at a time like this, that we don’t see people getting taken advantage of,” said Meili. “That we’re putting barriers in the way of predatory lending and putting supports in the hands of every family that needs them.”
