Mr. Speaker, I want to talk about "shylocking" or usurious lending rates. I must keep on condemning the outrageous interest rates charged by the banks and by some companies on credit card balances.
According to an Industry Canada report, the interest rates charged on credit card balances exceed the bank rate by 12 percentage points.
The government has a duty to legislate to prevent these abuses and protect consumers. The government is currently turning a blind eye to this legalized "shylocking". The time has come to end this nearly scandalous exploitation.