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Credit Cards - New Credit Card Laws... How are they affecting YOU? - Canada

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RE: New Credit Card Laws... How are they affecting YOU?

Postby average_joe » Wed Mar 24, 2010 06:34:59 AM

If people would use cash instead of plastic the rates would drop drastically with in six months.

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RE: New Credit Card Laws... How are they affecting YOU?

Postby fightback » Wed Mar 24, 2010 06:26:09 AM

Check out this link
http://www.walletpop.com/blog/2009/08/17/new-rules-encourage-credit-card-issuers-to-raise-rates-and-fees/

while this is a U.S. site probably going to happen a lot here, just got notice PC Financial is going up to 24.95 effective May. The Banks will be getting hit with a lot more bad debts thats my bet.
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RE: New Credit Card Laws... How are they affecting YOU?

Postby montyloree » Wed Feb 03, 2010 04:58:25 AM

drunkbeerguy.
I'm hoping this site has had some impact with that.... deanna natale etc
I'm hoping that enough people who have visited this site, have complained.

Thanks for pointing that out.
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RE: New Credit Card Laws... How are they affecting YOU?

Postby drunkbeerguy » Tue Feb 02, 2010 05:06:17 PM

I am glad to see item #7, subsection 14 included in the new government regulations, which makes it illegal to sent fake court documents.
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New Credit Card Laws... How are they affecting YOU?

Postby montyloree » Tue Feb 02, 2010 12:15:54 PM

The new credit card laws were set in motion in January 1, 2010..
I'm curious to know if anybody has had any experience with these new laws


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.
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