Mr. Chair, when I grew up as a farm boy in Alberta I was taught to owe nothing to no one and that if I did owe something I was to make sure I paid it off because my reputation was at stake. I had a moral obligation to pay it off. I was taught that credit was not something one looked for unless it was absolutely necessary, such as a land payment or something of that nature, but we always paid our bills.
Today credit cards flourish in every household. I know that in some households even the children have their own credit cards which are sponsored of course by their parents. However no instruction books come with credit cards. The kids know that when they reach the limit mom and dad will pay it off. I have a problem with that personally. I certainly never opened the door to my children using my credit cards. I believe there has to be some level of responsibility shown. There should be an instruction book because debt is a terrible burden to bear for a youngster.
When students graduate from university they not only have tuition debts but they have racked up debt on a credit card. They get caught up in the moment. They want to go out with their friends and suddenly have a debt on their hands. Some 16, 17 and 18 year olds have to seek bankruptcy protection, as do some students just graduating out of university. Yes, there needs to be an instruction booklet and there needs to be accountability with every card that is issued.
It is good to have choice but for young people it could be unfortunate. It sort of leads them down the path toward a credit card with a higher limit and a higher interest rate. I know it is a sign of the times and that everyone has a card but there needs to be some control, especially for youngsters.