Legislation is needed with regard to the 60% interest rate, which is reprehensible. In Quebec, we're at least slightly protected. There is caselaw that states that starting at 35%, the interest rate becomes abusive. Interest higher than that is not prohibited, but it is abusive. That word does protect us a little bit, but it only affects Quebec, not the rest of the country. I think that all Canadians should be protected against 60% or even 28% interest rates. There are also department store credit cards for which customers are heavily solicited. Do the math; it adds up fast.
On May 13th, 2009. See this statement in context.