As of Monday, the minimum amount payable on credit cards in Quebec will increase to 3.5% of the balance, or half a percentage point more than currently.
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The amount should gradually increase each year until it reaches 5% of the balance in 2025.
The change is one of the measures adopted in 2017 by the National Assembly, “to prevent debt problems”.
Since August 1, 2019, any new credit card contract must also provide for a minimum payment that cannot be less than 5% of the balance.
The Consumer Protection Office would like to point out that consumer associations offer free and confidential services to people experiencing financial difficulties.
Having difficulty making the minimum payment on your credit card may be a signal to seek advice from one of these organizations.