TORONTO — Canada’s federal finance minister has proposed new regulations aimed at protecting credit card users.
TORONTO — Canada’s federal finance minister has proposed new regulations aimed at protecting credit card users. Jim Flaherty says credit card holders would get an interest-free grace period of 21 days on all new purchases when they pay their balance in full under the proposals announced Thursday. Credit card companies would also have to issue monthly statements to indicate how long it will take to pay off a balance if only minimum payments are made. The government says the plan would also require credit card companies to give advance notice of any changes to interest rates. The proposal does not include new caps on interest rates charged by credit card companies. The plan goes to Parliament, which will hear comment on the proposal June 13. ______ Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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