Imposing Minimum Credit Card Payments May Increase Delinquency: Bank of Canada Study

Imposing Minimum Credit Card Payments May Increase Delinquency: Bank of Canada Study
Credit cards are displayed in Montreal in a file photo. The Canadian Press/Ryan Remiorz
Jennifer Cowan
Updated:

Regulating minimum payments on credit cards could benefit some consumers by reducing interest charges while causing others to become delinquent, a Bank of Canada study suggests.

Requiring cardholders to make higher monthly payments could help reduce consumer debt, the study said, as first reported by Blacklock’s Reporter.