Fight against overindebtedness of the population: this is one of the main objectives of the Act on Consumer Protection initiated by the Government of Quebec. Bill 24 suggests several concrete measures on this subject. Only problem, it is not yet implemented …
Bill 24, the main weapon against the indebtedness of Quebecers
Filed in June 2011 before the National Assembly of Quebec, Bill 24 is part of the LPC, a major reform to eradicate debt of Quebecers. The initiative includes 90 provisions, the most important for increasing the payment on credit cards up to 5% per month, against 2% previously. The project also includes other measures, including prohibition of access to credit cards for people under 18. This reform also calls for creditors to strengthen checks the repayment capacity of each borrower.
What does the law for consumersIf the committee approves Québec under that section of the CEA, Quebecers will have to repay as soon as possible the outstanding balance on their credit card. And they shall have their debts more quickly, but will change by consistently against the budget during the repayment period. The success of this law, however, depend on the attitude of bankers in Quebec, the first concerned by the gradual rise in the rate of minimum payment on credit cards.
