The New Credit Card Law in Canada

[Norsky]

Hi Guys,

I live in Canada and there is a new law here tah would make the credit card issuer to print at all statements how long you are going to pay whatever you owed the bank or the credit card issuer. This way you will always be reminded not to overspend. This calculations they put on the monthly statement will definitely have and impact on how consumers will use their credit cards.

What do you say guys? Is this really helpful or just a make up?

Thanks
Norsky

[Jhonny]

These changes to how these big conglomerates and financial institutions is long over due. It should have been taken cared a long time ago. people and/or credit card holders never really know the impact of their borrowings until they fit in the head.
Credit card companies try to lessen and lessen your minimum payment so they can suck you into paying more and longer thus making them more money in teh process.

Thanks
Jhonny

[Cenon]

I hear you guys...

Its all over the news and a lot of people have comments on it and so far its mostly positive.

Well, I like the idea that cardholders ar alwasy being informed of what they are facing rather gong blindly and not exactly what you are facing.

Thanks
Cenon

[Jenna555]

I'm not sure this is really helpful. In theory it is but unsure if people actually utilize the information to make smarter decisions. I would like to think so.

[Vulaw]

You are right Jenna555...
It does have some great effects on feature of the new law, but does anyone really look into it and use it as it should? That is the big problem and these behemoths in the industry will exploit anything possible to circumvent this type of things, does it?
so what is next?

Thanks
Vulaw

[rosty]

This one is good for credit card relief. Rules and law are meant for the benefits of the citizen.
This will definitely going to help all cardholder.