Thank you, Chair.
To build on what Mr. Masse said, colleagues, if you look at the total consumer debt of Canadians, it has rapidly and exponentially grown, particularly over the last 10 years. The debt-to-disposable income ratio of most Canadians is now, I think, a record. It's almost 200%. It's particularly acute within gen Z. Many gen Z Canadians are living entirely on their credit cards. They're loaded with student debt and can't pay rent.
We're now in a situation where Canadians are forced to live on their credit cards more. I think the motion uses the term “predatory lending practices”. I would have to agree. There are some predatory lending practices in here. Given how many Canadians are now living on their credit cards due to inflation, a high tax burden and the housing crisis, I think it is very incumbent upon this committee to look at the structure of how government allows lenders to profit on the backs of those Canadians.
I would just add, particularly given the changes in Canada's mortgage rules announced by the government last week, that the changes in the mortgage rules will exponentially add to the Canadian debt load over the next 30 years. I think history will look back on that change as a fundamental transformation on generational debt.
Just as an aside, Chair, the fact that the finance minister was like, “This is the best thing ever.” I'm like, “For banks, for banks...it was the best thing ever for banks.” I'll just say this: It's truly been remarkable to watch the Liberal Party become the party of the banks.
I fully support this motion. I look forward to litigating how much money the Canadian government should be allowing credit card companies to make off the backs of Canadians they're forcing to pay double the cost for housing, more for everything. Giddy-up. I love this motion. Let's do it.