Mr. Chair, I heard a couple of members talk about usurious rates of 60% and things of that nature. I have in my hand information from the Financial Consumer Agency of Canada. The question I will direct to the hon. member is on standard credit card rates. I am looking at the low credit card rates and the lowest is about 7.9% and goes up to about 10.5% and then it gets into regular credit cards. The highest rate that I see on regular credit cards appears to be about 19.5%.
I would be interested in the hon. member's comments as to whether he is aware of any credit card that charges upward of 60%. I can think possibly of some of the retail credit cards where the rates are in fact quite high on outstanding balances, but they are certainly nowhere close to 60%.