OTTAWA—Canadians may soon to be able to tap into low-interest lines of credit backed by the federal government, the Star has learned. We're also looking at ways of easing access to credit for individuals so that they can shift their bank balances and their credit card balances to a lower interest line of credit,” Trudeau said during his daily briefing. According to those discussions, the idea is to have the banks offer lines of credit to individuals at zero interest and give them several years to pay it back. The lines of credit would be capped, perhaps at about $10,000 or $12,000 per person. “People are often stuck and don’t have the means to pay their mortgages as they would do in normal times,” Duclos told reporters.

Source: thestar April 01, 2020 00:00 UTC