Mr. Speaker, I rise today to address the issue of credit card interest rates. Unfortunately, it is not the first time and probably will not be the last time that I speak on this issue.
First, I would like to take the opportunity to commend the member for Fundy-Royal for taking the initiative to petition the banks and major retailers to drop their interest rates on credit cards. In addition, I support the private member's bill introduced by the member for Davenport which would limit the interest rates and fees charged on consumer credit cards.
At a time when the prime rate is less than 4 per cent, banks still insist on charging an average of 17.5 per cent on outstanding credit and balances. Some major retailers are charging a whopping 28 per cent. Incredible.
The government is doing its part to put money back into the pockets of Canadians by bringing interest rates down. Now we are asking the banks and the department stores to do the same. If they refuse, the people demand and deserve an explanation. Failing that, maybe we should boycott them altogether.