moved for leave to introduce Bill C-227, an Act to amend the Interest Act (calculation of credit card interest).
Mr. Speaker, as you know, our contemporary society makes heavy use of credit cards and I am the first to admit that these financial instruments are very useful.
Nevertheless, I believe that consumers are poorly informed about the cost of the services provided by the issuing companies. I would even add that many consumers are charged what I would call an excessive rate of interest.
This bill proposes an amendment to the Interest Act, so that the consumer can better judge the costs of various credit cards by standardizing the calculation of interest.
I am tabling today not one but two bills concerning this matter. You no doubt have both of them before you.
(Motions deemed adopted, bill read the first time and printed.)