Mr. Speaker, the issue of high credit card interest rates in Canada is one that affects most Canadians. Users of credit cards can generally circumvent these exorbitant rates through the making of their money payments on time. However, for those who have, or maintain, for any reason, any balance on their credit cards they are subject to some of the highest credit card rates in the world.
Canadians carry an estimated $50 billion on their credit cards. As parliamentarians we have a universal responsibility to Canadians as a whole to protect them from such greed by establishing more ethical, responsible and civilized parameters so that we may alleviate some of this unnecessary debt burden that affects so many Canadians.