Consumer Credit Card Protection Act – Government Rules and Laws for Credit Card Companies Today
Posted on | May 27, 2010 | Comments Off
The consumer credit card protection act was designed to help Americans better understand their credit card statement and get out of debt. The new government rules and laws for credit cards have greatly changed over the last several months. By looking at your current credit card statement you will notice some of these changes.
It is now the case that credit card companies must provide information explaining how long it will take borrowers to get out of debt by making the minimum monthly payment. Unfortunately, some borrowers are going to find that it could take several years and possibly even several decades.
If borrowers have built up a high balance in their interest-rate is quite excessive than it is very possible that it could take several decades to dig themselves out of debt. Hopefully these borrowers will realize this is the case and it will make much more than the minimum monthly payments.
With this in mind credit card companies also have to provide information on how much money it will take to pay each month to get out of credit card debt in three years. Once again, hopefully this will open the eyes of some borrowers to make higher payments each and every month.
Author: Tiffany Mann
Tags: card act > card protection act > consumer card act > consumer credit card act > credit card act > credit card protection act > government credit card act