http://canadianfinanceblog.com/2009/05/25/federal-government-proposes-new-credit-card-rules.htm The Canadian Source For Personal Finance Wed, 08 Sep 2010 14:11:24 +0000 hourly 1 http://wordpress.org/?v=abc http://canadianfinanceblog.com/2009/05/25/federal-government-proposes-new-credit-card-rules.htm/comment-page-1#comment-1836 Tom Tue, 27 Oct 2009 15:53:20 +0000 http://canadianfinanceblog.com/?p=552#comment-1836 Myles, Good point, they certainly take the term "fine print" to a new level! Myles,
Good point, they certainly take the term “fine print” to a new level!

]]> http://canadianfinanceblog.com/2009/05/25/federal-government-proposes-new-credit-card-rules.htm/comment-page-1#comment-1735 Myles Fri, 23 Oct 2009 16:59:38 +0000 http://canadianfinanceblog.com/?p=552#comment-1735 I would like to see a minimum size print, (aria 12), on all of there literature, particular the agreement part. I would like to see a minimum size print, (aria 12), on all of there literature, particular the agreement part.

]]> http://canadianfinanceblog.com/2009/05/25/federal-government-proposes-new-credit-card-rules.htm/comment-page-1#comment-1294 Tom Fri, 25 Sep 2009 14:38:07 +0000 http://canadianfinanceblog.com/?p=552#comment-1294 Dan, high interest rates are definitely a problem. One of the earliest posts I wrote was on <a href="http://canadianfinanceblog.com/2009/02/26/reduce-your-credit-card-interest-rate.htm" rel="nofollow">how to reduce your credit card interest rate</a>. Another option, for those that can handle some debt without losing control, could be to get a line of credit to make sure the credit card balance is always paid off. I never carry a balance on my card, though if I made a large purchase I may need to pay the card off with my credit line and then pay that off over a month. Dan, high interest rates are definitely a problem. One of the earliest posts I wrote was on how to reduce your credit card interest rate. Another option, for those that can handle some debt without losing control, could be to get a line of credit to make sure the credit card balance is always paid off. I never carry a balance on my card, though if I made a large purchase I may need to pay the card off with my credit line and then pay that off over a month.

]]> http://canadianfinanceblog.com/2009/05/25/federal-government-proposes-new-credit-card-rules.htm/comment-page-1#comment-1287 Dan Fri, 25 Sep 2009 07:34:42 +0000 http://canadianfinanceblog.com/?p=552#comment-1287 The most important issue is being completely overlooked, the interest rate. Everyone agrees that a company extending credit deserves to make some money by doing so. There should be a nationwide legal limit of 10% and then competition, credit worthiness etc. should allow for bargaining down to the 5% range from company to company. There are millions of people carrying multiple cards with high balances and paying up to 25% interest which becomes almost insurmountable. Credit card interest rates are absolutely absurd, likely the biggest stress to hard working people trying to raise families and need to be capped or the financial crisis will not end at all. The most important issue is being completely overlooked, the interest rate. Everyone agrees that a company extending credit deserves to make some money by doing so. There should be a nationwide legal limit of 10% and then competition, credit worthiness etc. should allow for bargaining down to the 5% range from company to company. There are millions of people carrying multiple cards with high balances and paying up to 25% interest which becomes almost insurmountable. Credit card interest rates are absolutely absurd, likely the biggest stress to hard working people trying to raise families and need to be capped or the financial crisis will not end at all.

]]> http://canadianfinanceblog.com/2009/05/25/federal-government-proposes-new-credit-card-rules.htm/comment-page-1#comment-406 Tom Mon, 25 May 2009 16:27:40 +0000 http://canadianfinanceblog.com/?p=552#comment-406 Good point SP, something like "if you pay double your minimum payment" or "if you pay and extra $100" would help people see how much quicker they could reduce their credit card debt. Good point SP, something like “if you pay double your minimum payment” or “if you pay and extra $100″ would help people see how much quicker they could reduce their credit card debt.

]]> http://canadianfinanceblog.com/2009/05/25/federal-government-proposes-new-credit-card-rules.htm/comment-page-1#comment-404 Silicon Prairie Mon, 25 May 2009 14:55:26 +0000 http://canadianfinanceblog.com/?p=552#comment-404 What would really be interesting would be showing the time to pay off the balance with a few different levels of payments above the minimum. That would be sure to drive down profits :) What would really be interesting would be showing the time to pay off the balance with a few different levels of payments above the minimum. That would be sure to drive down profits

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