Mr. Chair, I appreciated listening to my hon. colleague across the way. He made some very excellent points about the problems that we have with extremely high credit card interest rates.
One of the things that really concerns me, and I wonder if he shares this concern, is that this is an issue affecting young people in our society. When students go to university, they are loaded up with student loans and student debt. They are often working in part time jobs. They are trying to cover their bills. They might be living away from home. They are often very short of cash even for the immediate needs of food, shelter and clothing.
Some of the credit card companies and banks offer a special student credit card. In fact, these are marketed on campuses to students. Students go for them because they are economically very desperate. Often, the limit on the credit card is initially very low. They may be allowed $500 or $1,000.
I know from speaking with students and my son, when he was a student, they get a credit card and if they are reasonably well managed, before they know it the amount is increased. The $1,000 goes up to $2,500 or $3,000. Then it becomes more of a routine.
I wonder if the member would comment on this. This is a particular aspect of the whole credit card phenomenon that is now really hitting young people in our society. They do not have the financial capacity and resources to deal with the potential of a credit card.