Mr. Speaker, earlier today I asked the hon. member for Sudbury if I heard him correctly when he suggested that interest was charged on credit cards even if the payment was submitted on time. Again he is assuming that all Canadians default on their credit cards. That is not a fact. The majority of Canadians pay their credit cards off on time.
However, our concern, as I referred to in my speech, is that we need to improve financial literacy in this country so that all Canadians understand that when they accept a credit card, there is a responsibility that comes with that card, as there is with anything. I am not sure whose fault it is, but we as legislators need to make sure we provide that education for Canadians so they understand that they do not have to possess a credit card that carries a balance at the end of the month.
If they are credit-worthy customers, they can go to their bank and get a line of credit. There is a charge because that is a service provided by our financial institutions.
One still needs a credit card to book a hotel room and flights. We understand that credit cards have become a piece of our lifestyle, but we do not have to pay interest on them.
There is some responsibility that comes with accepting a card. I agree with the hon. member that there needs to be more understanding. There needs to be more clarity, and that is exactly what we put in budget 2009: the ability for the Minister of Finance to increase financial literacy and make sure we have plain and simple information that goes out with that card so that people understand what their liabilities are and what the value of having that card is.
That is what we need to do. We do not need to overregulate Canadians to take away an option for access to financing and credit if individuals wish to use that. In this time of recession, we need to make sure that we provide every way we can to make sure that Canadians can continue to receive the financing they need to run their daily lives.