If people would use cash instead of plastic the rates would drop drastically with in six months.
Question:
I've heard about new credit card and loan regulations. What are they?
Answer:
On September 30th, 2009, the federal government announced new credit card regulations that will mean several significant changes for consumers of credit products and services offered by federally regulated financial institutions — in particular, improvements in the way information is disclosed to you.
The majority of the new regulations came into force on January 1, 2010, and additional regulations will come into force on September 1, 2010.
Below are some of the key provisions of the new regulations, a brief explanation and the date they are coming into force. You can see a complete list of the new regulations here.
http://www.fcac.gc.ca/eng/consumers/FAQs/QAView-eng.asp?id=344
4. Debt collection practices
Debt collection practices for federally regulated financial institutions are subject to new regulations.
Debt collection regulations govern what debt collectors can and can't do when they try to collect money from you.
For more detailed information on debt collection practices and the applicable regulations, visit our frequently asked questions page on debt collectors and Tips for Dealing with Debt Collectors.
Return to Credit Cards - Discussion Area