The whole thing is a joke; they should be lowering interest rates. I’m glad I don't have a credit card.

Joe, you might be right. I just looked it up. But the details are loose at the moment. That disclosure would be great for consumers if it will actually be made. Here's what I found: http://www.globeinvestor.com/servlet/story/RTGAM.20090521.wflahertycards0521/GIStory/

I believe in the new statements they will have the break down if you make a min payment and how many years it’s going to take to pay.

I saw that on the news this morning. Pretty weak attempt to regulate credit card companies IMO.

They should be asking credit card companies to warn customers on their credit card statements of the true cost of making minimum payments. Similar to how cigarette manufactures have been forced for years because of the threat of smoking to your health.

Because minimum payers usually take 15-25 yrs and the total real cost of the debt is 3-5 times the balance today. It should go something like this:

W A R N I N G:
Credit card debt impacts your financial health and is extremely expensive if you are a minimum payer. Making only your minimum payments will take XX years and a total cost of $XX,XXX to pay off this debt.

Most people don’t know this or choose to ignore it. But I doubt we will ever see this disclosure on statements, bank profits would plummet.

I've been banging on this drum for some time now: How dumb debt really is

TORONTO -- The Canadian government will not move to limit interest rates on credit cards, Finance Minister Jim Flaherty said Thursday, confirming that new credit card rules in Canada will not be as far-reaching as those just introduced in the United States.

Mr. Flaherty said the government will not limit credit card interest rates because of a belief "in consumer choice."

However, credit card issuers will be required to provide a standard 21-day grace period on payments for new purchases under regulations being introduced by the Canadian government, Mr. Flaherty said at a press conference in Toronto.

The new rules include a requirement for improved disclosure on credit card contracts, advance notice of changes in interest rates, and the prohibition of certain debt collection practices.

More to come ...