While Canadians are caught between inflation and high interest rates, the good news affecting consumers deserves a tip of the hat. Here are three, courtesy of Ottawa.
Firstly, travelers who have had a hard time with the chaos at airports will finally see their protection improved in the event of a flight delay or cancellation. Excellent ! With all the gray areas of the law, carriers slipped away too easily not to pay compensation to injured passengers.
Second, the banks will all have to do business with the same external ombudsman, who could choose the arbitrator to whom they sent their customers’ complaints, which gave the ugly impression that they could “shop around” for the most lenient.
Third, the maximum interest rate will drop from 60% to 35% in the Criminal Code. It’s not too soon ! Can’t wait to see if the telecom providers, who impose “late fees” of 3% per month, or 42.58% per year, will get the message. But Ottawa shouldn’t stop there. Why not tackle the high fees that eat into the balance of prepaid credit cards or the excessive penalties in the event of a breach of mortgage? A shot gone, Quebec could also make its contribution. How ? By adopting an anti-lemon law to protect motorists or by limiting unreasonable costs when returning a rented vehicle. Come on, let’s press the accelerator!