Mr. Chair, I have listened with interest to my colleague's speech. The figures I have on credit card use are slightly different. According to them, in 2003, approximately 65% of Visa and MasterCard holders paid their account in full every month. This means that the other 35%, or about one person in three, was paying 18% interest most of the time.
He explained that when people can afford it, they pay off their card monthly. That may be true, but I remember when I was 20 or 25. We did not necessary have the same means then, particularly in the period leading up to Christmas with the pressure to buy consumer goods.
I would like to know whether my colleague would consider it appropriate to follow up on a bill introduced by a senator aimed at lowering the maximum percentage that can be charged. At the moment money-lenders can charge up to 60%, Ought that not to be brought down to around 35%?
That would have an effect not only on the maximum that could be charged. Might it not also be an incentive to have lower rates in general? We cannot say that the Canadian financial system is in dire straits at this time. The surpluses reported by the banks are sizeable, we must admit, in the context of a healthy economy.
Are there not a couple of messages that ought to be being sent out by the federal government? For example, the maximum allowable rate could be dropped. It would become illegal to charge over 35%, for instance. Other means could also be developed for informing people who are in dire financial straits. It must be acknowledged that the people most likely to misuse credit cards are often the ones most in need of short-term credit.
Would my colleague be prepared to take steps to get his government to look at such measures?