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Quebec introduces new credit card regulations

Friday 2 August 2019 | 08:59 AM CET

The Quebec government has issued several changes to credit card payments in a bid to help people manage their debt more effectively.

There are no federal regulations concerning minimum payments on credit cards, but provinces are free to introduce their own laws. Quebec is the first province to do so.

According to CTV News, Quebecers will be required to make a minimum monthly payment of 2% of their credit card balance owing. The minimum monthly payment will increase again by 5% in 2020 and again each year for five years. Moreover, banks have the option of increasing the minimum monthly payments to 5% of the balance owing.

According to Statistics Canada, 0.031% of people in Quebec filed for bankruptcy in 2018, higher than any other province west of Atlantic Canada. Canadians face a total credit market debt of more than USD 2.3 trillion, the total market debt including mortgages, credit cards, and other forms of personal debt.

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