Thank you, Mr. Chair.
Thank you for this lively debate. I'm quite excited to hear the fact that the marketplace still does work. It's not just me that believes that. We have some other people out there who believe that the marketplace can work.
In a previous meeting, I suggested to the Canadian Bankers Association and some of the banks that we didn't want to regulate this, and the media spun it as me chastising the banks. Well, if the truth be known, I was speaking broadly to all those involved in this industry. They shouldn't be ashamed to make money on this system, because customers demand it. They demand this system, and I'm glad to hear that there are some options out there.
When we hear about the 6% in debts that are written off.... We're proud of our banks. Our banks are in good condition, but they're carrying more risk now, and they have no collateral for that risk. We want to make sure that we don't put in a 5% maximum interest rate on these cards and that we don't over-regulate. Some of you have suggested that we've already gone too far, but others of you have suggested that what we're doing with financial literacy is important and that we make sure that consumers are treated fairly.
Have we gone too far? Is the market working?
I'd like some comments, if I could, from whoever might be interested.