{"id":6157,"date":"2020-11-09T17:41:27","date_gmt":"2020-11-09T21:41:27","guid":{"rendered":"https:\/\/financierevictoria.ctx-dev.fr\/?p=6157"},"modified":"2025-10-15T10:36:52","modified_gmt":"2025-10-15T14:36:52","slug":"minimum-monthly-payments-on-credit-card-increase","status":"publish","type":"post","link":"https:\/\/financierevictoria.ctx-dev.fr\/en\/minimum-monthly-payments-on-credit-card-increase\/","title":{"rendered":"Minimum monthly payments on credit cards increase to 2.5% of current balance"},"content":{"rendered":"

Credit card debt in Quebec: how to cut your payments in half<\/strong><\/h1>\n

It is obvious that credit cards are a major burden for a large part of the population. In fact, two in five credit card holders fail to pay off their monthly balance.<\/p>\n

In order to avoid over-indebtedness, the Quebec government has implemented new rules under the Consumer Protection Act. Starting August 1st<\/sup>, credit card holders in Quebec must now repay a minimum of 2.5% of their credit card balance instead of the previous 2.0%. Furthermore, the repayment rate will then increase by 0.5% every year until it reaches 5% in 6 years.<\/p>\n

The harmful effects of this new increase<\/strong><\/h2>\n

Imagine you have a credit card balance of $25,000. Now you will need to pay a minimum of $625 monthly, an increase of $125 over last year. While this may seem like a small increase, it can in fact destabilize an already tight family budget.<\/p>\n

The impact on credit scores<\/strong><\/h2>\n

Using a credit card can have both positive and negative impacts on your credit score. On the positive side, not using more than 30% of its capacity is good for your credit score.<\/p>\n

On the negative side, maintaining a high balance or not being able to make the minimum payment will negatively impact your credit score.<\/p>\n

Consolidate your debts with a private mortgage<\/strong><\/h2>\n

Consolidating your credit card debt using a private mortgage loan can be an attractive solution for reducing your monthly charges. Even though the interest rate is high compared to a conventional mortgage, payments will definitely be lower than what credit cards charge. For example, a loan of $25,000 will require monthly payments of $312.50 instead of $625.00. This is a 50% reduction in your monthly payment!<\/p>\n

How can I apply for a mortgage loan?<\/strong><\/h2>\n

Apply online via our website or call us at 1 (877) 220-7738, extension 1.<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Credit card debt in Quebec: how to cut your payments in half It is obvious that credit cards are a major burden for a large part of the population. In fact, two in five credit card holders fail to pay off their monthly balance. 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