We haven't done a study of credit card interest rates in other countries, but certainly the Canadian situation has been a long-lasting one. It predates the pandemic. It predates the 2008 financial crisis. It goes back decades where the cost of credit from a credit card is usually one of the highest you get if you're a consumer for unsecured credit, short of payday lending or those other kinds of things.
On December 5th, 2024. See this statement in context.