From: XXXX Sent: December-03-13 11:21 PM To: Consumer Code / Code consommateur Subject: Canada's financial consumer protection framework Consultation Paper I accept your offer as a Canadian to participate in making our financial system stronger for the average CANADIAN. I feel the most destructive financial tool being used by Canadian's, is the credit card. My Bank, XXXX claims you are richer than you think if you follow their strategy's. I will give you one destructive tool they use behind the scenes. Before I retired, I paid off my Wife's XXXX credit card amount of $14,000.00. She was not able to pay it down. After 40 years of work, I finally paid off our house mortgage that XXXX bank held, last January, 2013. Believing after 4 years of retirement, I was totally out of debt, I found out the bad news. That credit card of my wife that I paid off, in just four years my wife accumulated another $20.000.00 of debt on it. In addition, she racked up an additional $17,000.00 on a second credit card. (total $37,000.00) She was not able to pay the minimum payment on these cards when they got to $5000.00. So what XXXX bank does? They raised her limit to $10,000.00. And when she could not pay the minimum on the $10,000.00, XXXX bank raised the limit to $15,000.00. And when she could not pay the minimum on that amount, XXXX Bank raised the limit to $20,000.00. At this point I discouvered what had happened to my debt free retirement. I now owe the $37,000.00 plus interest for these credit cards, as my wife has no way to repay these credit cards. I am now paying down these credit cards, hoping XXXX does not raise her limit again. The most difficult thing to know, is that my wife is half owner of our house recorded at the registry. The credit card lenders know this and that they can send collection agency's to the door for payment knowing she has assets. That means I lose what I have worked 40 years for. When I called XXXX to confront them about their knowing that my wife could never repay these amounts, XXXX replied, we can not talk to you about your wife's credit. This is the part that I believe has to change for the protection of CANADIAN consumers. Credit card interest rates now averaging 20%, should not be allowed. (should be 5% percent above prime, maximum) 1). If a person hits their credit card limit, lets say $2,000.00 and the bank knows the card is not being paid down. The bank should not be allowed to increase that limit. Lets say to $3000.00, $4,0000.00 or even $5,000.00. That $2000.00 credit card limit now freezes by the Bank, until it is paid off. 2). A spouse should have free access to the other spouses credit information, especially when assets belong to both spouses. This freedom to be informed by a spouse with shared assets is not allowed by the XXXX Bank credit card providers. 3), This access to the other spouses income tax information should be freely accessed by either spouse too. At this point in time, Revenue Canada will not tell you any financial information about your spouse either. A Sharif's warrant will be the first indication that taxes are not being paid by your spouse. A collection agency will be the first indication that credit card debts are unpaid by a spouse. In Canada there is no freedom of information about your spouses finances My wife has drained us financially by not paying high interest, high balance credit cards. (Thanks to XXXX) Me, being in the dark all this time, because the financial laws do not allow me to be informed about my wife's financial activities. I now am saddled with paying that $37,000.00 credit card debt plus interest from my $38,000.00 a year pension. Why is she so vulnerable ? I believe my wife dropped out of school at grade10. She has few math skills when it comes to finances. XXXX is taking pure advantage us by praying on the weaker, financially. Thank you........XXX