Mr. Speaker, as the economy continues to spiral downward, more and more Canadians are turning to credit cards even to pay for day to day fundamentals. Millions of credit card holders are alarmed to learn that in a few days banks are going to slap on an automatic 5% increase on interest rates. This is on top of the already punishing interest rates of over 20%.
When will the government step in and protect hard-working Canadians from getting further gouged on credit cards during this time of economic crisis?