Fast forward to 1st quarter 2010, you just received your monthly credit card statement and you see 'red.' Not the "I'm as mad as 'h-e-double toothpicks mad' red, but that important information on your statement is highlighted in 'red.'
This past May, the senate overwhelming passed a bill that will require credit card companies beginning in early 2010 to disclose important information in red such as:
There are other aspects of the legislation that will provide some relief to consumers, which you may read using this link … but … in the meantime,
Do you think that this legislation was long overdue, or are you concerned that while the government is trying to protect everyone, it is actually taking on too much ownership? Channel your thoughts and post a comment. It's Thursday and time to talk back with Troy.
Wow!! This is some cool info to know! I especially like the highlighted part about how many months it will take you and how much interest you would pay. It makes you think twice on how much you’re going to put toward your credit card this month. Maybe I can NOT buy those new shoes and pay a little more on my credit card…lol
This information is LONG overdue, and it bothers me not in the least that the government got involved. Had it been done many years ago, surely fewer consumers would be in their current precarious predicaments!
Long overdue. If people really knew how long it would take them to pay back the balance with minimum payments, they’d think twice before using the card for just any impulse purchase.
I believe the current President and Democratic Party are going too far in controlling and regulating many things including banking and credit card industries.
One of the primary ingredients in capitalism which is at the heart of the past success of the US is MANAGED RISK.
That means banking needs to be free and largely left alone; albeit with minimal regulation to protect the public.
Example: honest accounting done by different outside companies every year. Managed risk is not a dirty word. Profit is not a dirty word.
Having said that I have no problem with either party doing what what was just discussed:
It is in the consumer’s interest to realize that a company will make XXX amount of money off you if you run up hundreds or thousands of dollars of credit and do not pay it off promptly.
Key information should never be hard to find; and THAT APPLIES TO THE BANK OR CREDIT UNION STATEMENTS AS WELL!
It is a simple thing. It is an important thing. This specific example would not be an example of over regulation.
Why can’t South Carolina Federal Credit Union push Visa Debit/Credit Cards instead of Master Card. If all banks do the same they will feel the pain and revise this decission.