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Credit Cards & Debt Limits

Would I be able to use one of my credit cards that still has credit available after I file for a Consumer Proposal?

Also, under the most current law, has the debt limit on a Consumer Proposal been increased from $75000 to $250000?

Posted from: British Columbia

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One Response to “Credit Cards & Debt Limits”

A licensed trustee said...

If/when you file a consumer proposal you are required to surrender all of your credir cards to your trustee (including cards with zero balances). You are permitted to apply for new cards while in a proposal, but it is unlikely you will be granted a normal credit card – likely you will receive either a secured credit card or a prepaid card.

As a the new higher limit for consumer proposals, the government has not announced when they may come into force. We originally thought it might be the end of this month, but frankly no one outside the government appears to know….