Source: Kerri Breen, Global News, August 2, 2019
Quebec has introduced new rules intended to make consumers to pay down their credit cards faster — and with less interest paid.
As of Thursday, banks must charge borrowers at least two per cent of their outstanding balance each month. The rate will increase incrementally, to 2.5 per cent next year and to five per cent by 2025.
For any new credit card agreements, the five per cent minimum payment already applies.
Scott Hannah, CEO of the non-profit Credit Counselling Society, said the policy is a “wake up call” for Quebec consumers.
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