Beginning Monday, the minimum amount payable on credit cards in Quebec will increase to 3.5% of the balance, or half a percentage point more than current levels.
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The amount should be gradually increased each year until it reaches 5% of the balance in 2025.
The change is one of the measures passed by the National Assembly in 2017 “to prevent debt problems”.
Since August 1, 2019, every new credit card contract must also provide for a minimum payment that may not be less than 5% of the credit balance.
The consumer center points out that consumer associations offer free and confidential services to people in financial difficulties.
If you’re having trouble making the minimum payment on your credit card, it may be a signal to seek advice from one of these organizations.