Mr. Speaker, while we took strong action to protect consumers using credit cards, the NDP members voted against it. What would they do instead? Interfere and control key aspects of the Canadian banking sector by dictating interest rates, something our government and the vast majority of public interest groups understand would be ineffective and unfeasible.
Listen to Duff Conacher of the Canadian Community Reinvestment Coalition. He said, “The problem with a cap on rates is where do you put it? Any number would be pretty arbitrary. And the banks are quite likely...to deny credit to some people”.
We also help consumers make informed credit card choices through the Financial Consumer Agency of Canada where they can compare packages and services. I would invite all Canadians to visit this website at www.fcac.gc.ca.