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Credit Card Companies Give Debtors a Dose of Reality

Posted By admin || 30-Jul-2009

According to an article in the Dallas Morning News , federal regulators will require that all credit card companies make consumer credit card statements easier to understand. This includes:

*Telling credit card consumers via their statements exactly how long if will take to pay off their balance if they make only the minimum payment.

*Using plain language, credit card companies will place APRs and fees with their effective dates on consumer credit card statement.

*Credit card companies will clearly explain the implications of a late payment and state the exact amount of the late fee and penalty APR on the consumer credit card statement.

Credit card consumers will also escape over-the-limit fees unless they specifically requested that transactions be approved that would place them over their credit limit.

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