Credit cards. (The Canadian Press)

By The Canadian Press

Ottawa asking banks and credit card companies to lower interest rates

Mar 26, 2020 | 11:28 AM

OTTAWA, ON – The federal government is asking banks and credit-card companies to lower interest rates on Canadians struggling financially because of the COVID-19 pandemic.

Prime Minister Justin Trudeau says Finance Minister Bill Morneau is in talks with Canadian banks, asking them to look at ways to help Canadians struggling to pay their bills.

Trudeau says the government is also looking at extending lower-interest credit directly to consumers.

When the Bank of Canada cut its trend-setting interest rate there was no movement on credit-card interest rates by the banks.

The prime minister also said he is in talks with the United States about ensuring the Canada-U.S. border remains free of military presence after reports the U.S. may be looking at deploying troops to the border to stop illegal border crossers.

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