Credit card minimum payment restrictions / by Jason Allen, Michael Boutros and Benedict Guttman-Kenney. : FB3-5/2024-26E-PDF
"We study a government policy that restricts repayment choices with the aim of reducing credit card debt. The policy requires the minimum payment on credit card balances in Quebec to be at least 2% of the statement balance for cards opened before August 2019 and at least 5% for cards opened after August 2019. The rest of Canada is unaffected. We estimate this policy's effects by applying a difference-in-differences methodology to comprehensive, Canadian consumer credit-reporting data. The policy causes a persistent increase in minimum payments. The policy has trade-offs: reducing revolving debt comes at a cost of reducing credit access, and potentially increasing delinquency"--Abstract, page ii.
Lien permanent pour cette publication :
publications.gc.ca/pub?id=9.942594&sl=1
| Ministère/Organisme | Bank of Canada, issuing body. |
|---|---|
| Titre | Credit card minimum payment restrictions / by Jason Allen, Michael Boutros and Benedict Guttman-Kenney. |
| Titre de la série | Staff working paper = Document de travail du personnel, 1701-9397 ; 2024-26 |
| Type de publication | Série - Voir l'enregistrement principal |
| Langue | [Anglais] |
| Format | Électronique |
| Document électronique | |
| Note(s) | ISSN assigned to different series. "Last updated: July 15, 2024." Includes bibliographical references (pages 41-45). Includes abstracts in English and French. |
| Information sur la publication | [Ottawa] : Bank of Canada = Banque du Canada, 2024. ©2024 |
| Auteur / Contributeur | Allen, Jason, author. |
| Description | 1 online resource (ii, 56 pages) : colour illustrations. |
| Numéro de catalogue |
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| Descripteurs | Credit cards -- Government policy -- Québec (Province) -- Econometric models. Consumer credit -- Government policy -- Québec (Province) -- Econometric models. Cartes de crédit -- Politique gouvernementale -- Québec (Province) -- Modèles économétriques. Crédit à la consommation -- Politique gouvernementale -- Québec (Province) -- Modèles économétriques. |
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