U.S Bill to help credit card holders
31 January 2008
U.S Senator Dianne Feinstein introduced legislation last week that is aimed at protecting consumers against being trapped in debt with their credit cards.
The bill, S. 2542, requires credit card issuers to clearly warn consumers about the dangers associated with only making minimum monthly repayments on their outstanding credit card balances.
Credit card companies will also be required by law to tell consumers how long it will take to repay their credit card debt and how much interest they will pay if they continue to only repay the minimum amount due each month.
Feinstein told the LA Times that it was unethical and immoral to not let people know what the terms and conditions are.
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