Everyone is being asked to play a helping role to get through the coronavirus crisis and leave us all better positioned to put the pieces of the economy and lives of Canadians back together when it’s over.

Individuals, landlords and businesses of all kinds are being asked to shoulder increased burdens. Governments are urging understanding and leniency toward those facing hardship because of the abrupt economic shift and constraints on even being able to work.

Understanding and leniency aren’t words normally associated with credit card companies. But they need to learn — and fast.

Banks should lower the interest rates on credit cards.

At a time of historically low borrowing costs, credit card interest rates still hover around 20 per cent, with some as high as 30 per cent. It’s a highly profitable product.

And, as Prime Minister Justin Trudeau said on Thursday, those high interest rates are “a significant challenge for many Canadians at this point.”

“That is why we are encouraging (banks) to take action to alleviate the burden,” he said.

It’s obvious that a lot of credit is going to be extended in the coming weeks. Many Canadians have lost part, even all, of their income and are still waiting for federal support programs to kick in.

In the meantime, those without substantial savings will have little choice but to rely on credit.

Canada’s banks have already received large injections of liquidity through government actions, which allows them to continue to safely provide loans and mortgages to individuals and businesses.

In short, the banks have already received government help in these difficult times. No doubt they will receive more if it becomes necessary.

In turn, the banks should do their part to help Canadians and support the economy.

Banks have shown a willingness to be flexible by deferring mortgage payments, but more action is needed. They should be doing all they can to give Canadians a break on the interest rates applied to credit card debt.

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Reducing credit card interest rates would make a big difference for many people struggling through the coronavirus crisis.

It’s time for the credit card companies to step up. They need to give Canadians a break and reduce their punitively high rates — now.