Canadian Funding Corp Review and Comments by Moishe Alexander On the Relief Urged for Indebted Canadians and the New Rules for US Credit Card Industry
Canadian Funding Corporation's Review on the New Rules for US Credit Card Industry and Relief Urged for Indebted Canadians
It was reported in the Toronto Star on December 15, 2008 that Kevin Leonard, an associate professor at the University of Toronto said that Canadians who fail to pay their credit card bills on time can be slapped with interest rate hikes, and said such hikes should be regulated. He went on to say that Canada needs a new consumer watchdog to look out for the best interests of credit card users and to keep consumers informed of credit terms and conditions.
Moishe Alexander, President of Canadian Funding Corporation recommends that the Canadian Government implement the same credit card reform that the US Federal Reserve is currently considering and voting on. ( Moishe Alexander )
Banking regulators in the US are expected to prohibit credit card companies from increasing interest rates and penalties on a whim with prohibitions being implemented that would prevent any credit card company from increasing interest rates or imposing penalties until after 30 days has elapsed from a past-due credit card bill.
The new US rules on the credit card industry is to prevent any increases on current balances and will hopefully prevent any further or deceptive practices that are being currently carried on by credit card companies.
Learn more about Moishe Alexander and the business of Moishe Alexander. (RA2009-2)
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