Mr. Speaker, last March and May, I raised in the House the question of the usurious interest rates charged by banks and major department stores on credit card balances.
I am pleased to note that 84 of my colleagues have decided to join with the member for Beauce in denouncing this shameful practice and asking that they reduce by at least half the interest rates on their credit cards.
If the major banks and department stores do not respond promptly to this request, I think that the House of Commons should bring in legislation to resolve the issue. The time is long overdue to end this scandalous practice, which hurts not just the most disadvantaged members of our society, but also the middle classes, who may not be middle for much longer. I implore the government not to side with the bankers on this issue. Having sounded the alarm, let us take action.