TORONTO - Federal Finance Minister Jim Flaherty has proposed new regulations aimed at protecting credit card users.
Under the new measures, credit card holders will get a minimum 21-day interest-free grace period on all new purchases when they pay their balance in full.
Monthly statements will also be required to indicate how long it will take to pay off a credit card balance if only minimum payments are made.
That is intended to give consumers a truer picture of their debt.
The government will also require credit card companies to give advance notice of any changes to interest rates.
The new rules do not include any new caps on interest rates charged by credit card companies.
