@RichardC

our current CONservative gov't, supporters of corporations and all things "market" is doing something "good" for the consumer?

either they're announcing something that pretends to help consumers or, if true, could be one of the signs of the coming apocalypse
;-)

Stephen "harpo" Harper actually has a heart?
say it aint so....

There will be more restrictions on the collection practices banks use very soon as well.

I have seen some of the proposed changes and they all look very good for the consumer.

In essence, this gives the card holder a litle more structure to work with.
Every credit card will have to give a 21 day grace period....

Tell consumers how long it will take to repay the card if they only make minimum payments..

I like this clarity & control.

It's going to limit collection practices.. I'm curious to know what this limit is going to be?!

Good find Richard!

Government of Canada Helps Protect Canadian Credit Card Users

Building on the Government's earlier pledge and following public consultations, the Honourable Jim Flaherty, Minister of Finance, today announced that new credit card regulations have been approved and will be published in Part II of the Canada Gazette on September 30, 2009. The majority of the regulations will come into force on January 1, 2010. A few provisions, such as the 21-day grace period, will take effect on September 1, 2010.

"Our Government understands the pressures Canadians face in these tough economic times," said Minister Flaherty. "The last thing they need is a surprise on their credit card statement. By increasing transparency, our Government is taking real action to protect consumers."

The new, landmark credit card regulations will:

* Provide a summary box on credit contracts and application forms that sets out key features, such as interest rates and fees.
* Inform consumers how long it would take to fully repay their balance if they only make a minimum payment every month.
* Mandate an effective minimum 21-day, interest-free grace period on all new credit card purchases when a customer pays the outstanding balance in full.
* Lower interest costs by mandating allocations of payments in favour of the consumer.
* Require express consent for credit limit increases.
* Limit debt collection practices used by financial institutions.
* Prohibit over-the-limit fees solely arising from holds placed by merchants.
* Mandate advance disclosure of interest rate increases prior to their taking effect, even if this information had been included in the credit contract.

The regulations apply to credit cards issued by federally regulated institutions. Some provisions in the regulations have broader application to other financial products, such as fixed- and variable-rate loans and lines of credit.

Finally; the government does some good:

http://www.fin.gc.ca/n08/09-089-eng.asp