Mr. Speaker, the NDP wants the government to show leadership and fairness by taking action for working and middle class families.
Hard-working Canadians deserve protection as consumers. The government should be capping credit card interest at no more than 5% above prime. Here are five reasons why credit card rates and the banks should be reined in.
One, today's interest rates are outrageous. Nineteen per cent or higher interest rates unfairly hurt working families.
Two, consumer debt is six times higher than in the 1980s, at $300 billion, and total household debt driven by high interest debt is over $1 trillion.
Three, families that used to be able to save 15% to 20% of their income now can only save an average of 2%. That will not be enough to retire on.
Four, the high costs of medications, training and of course child care are driving up the cost of essential items, forcing more hard-working families into debt.
Five, big banks are making record profits and are heading toward another $20 billion year as they gouge consumers.
The Conservative government has given massive corporate tax cuts that have benefited the big banks. The NDP wants to see the banks reined in, with capped credit card interest rates so that hard-working Canadians can meet the needs of their families.