Mr. Speaker, there is one thing I want to pivot to, a subject we have not touched on.
We know that CBC Marketplace has just outlined that over nine million Canadians right now have low credit ratings and are going to alternative lenders, who are charging outrageous rates of interest, between 30% and 50%. People are caught in that trap. Someone identified it as being in a hamster wheel. It is absolutely outrageous, since the Bank of Canada floor right now is less than 1%.
Does my colleague agree that there needs to be a better process and that the federal government needs to intervene and cap these rates? Right now it is on the backs of the provinces. We know more and more people are going to be falling into this trap, especially with COVID, job losses, and people losing their businesses and struggling to make ends meet and pay their bills. They are looking for help, but they do not qualify for financing.
Does my colleague agree that the federal government needs to step in? I am sure that in every riding across this country, we can find these alternative lenders preying on everyday Canadians who are in trouble.