Madam Speaker, right now 22.2 million credit cards are being used in Canada, so the horse is out of the barn.
I would suggest that we amend the motion and make it less than six months. I have seen legislation move very quickly through the House. In fact, some legislation has moved through in a day.
I am very much in favour of those suggestions but we need to do something now. We need to ensure that this is not just about lecturing Canadians. The problem is already out there.
I want to point out something that is really important right now. The Bank of Canada rate is at .25% and it has said that it will remain there for the next year. Despite that, the bank rates and credit card rates have gone up incrementally. How is that even possible? That is criminal at best and ethically it is bankrupt. We need to ensure the banks and credit card companies are accountable. With a .25% borrowing rate, how can even put this product on the market in this day and age when so many people are suffering and paying higher rates than are morally and ethically acceptable?