BY MARK MURPHY
An open letter to Prime Minister Trudeau and MPs Lawrence MacAulay, Sean Casey and Wayne Easter.
We hear you talk about helping the middle man and putting money back in his pocket. Well, let’s talk about those people, who, in my view, have license to steal or rob us blind.
A 2011 Martin’s Criminal Code of Canada list the Criminal Interest Rate (the amount your allowed to charge) at 60 per cent; if you charge more than that amount you can be charged criminally. But let’s look at what is happening in real life in Canada. A friend of mine owed $48,000 @ 29 per cent (some even higher) on his credit cards (4) and has been paying $1,160 per month in interest alone.
They say the average Canadian owes $22,000 @ 29 per cent, which would be about $531 a month in interest alone. That’s about $50 on the principal and $481 in interest. They will be making payments for a lifetime and never pay it off.
Solution: Government pass a law that lowers the Criminal Interest Rate to no more than 6 per cent, that’s not 60 per cent. The financial institutions are coming away with millions in profits. Their CEO’s are being paid huge salaries. Give the young people of Canada a chance to pay off their credit cards and student loans, etc.
Instead of always using my credit card, started paying in cash, where I can, thereby at least saving the interest, tacked on to my debt. Does anyone ever wonder why there are so many property tax and mortgage sales of property almost daily in the Guardian on P.E.I. If I can remember correctly, arrears in property tax is 23 per cent which is compounded if that is not paid. That’s another issue that should be addressed, maybe at another time. People just can’t keep up, should we wonder why?
I urge the P.E.I. MPs to take interest (not the kind you charge), take the bull by the horns and look at passing a new law that will help many Canadians to financially see the light of day. Can you imagine, how that would boost our economy?
- Mark Murphy of Georgetown is a retired member of the RCMP