Democrats Introduce Credit Card Disclosure Bill

Published on:
14 March 2007 at 04:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00002578-democrats-introduce-credit-card-disclosur/

House Democrats want consumers to be better informed about the intricacies of credit cards – especially the never-ending debt mire that comes from only paying the minimum balance.

It’s a Libertarian nightmare, sure; however, Democrats feel strongly that credit card issuers are taking advantage of some card holders’ inability to do math. In proposed legislation, card issuers would have to clearly outline the time needed to pay off a balance if only the minimum payment is made each month, and warn of the interest cost.

Additionally, credit card companies would have to offer toll-free numbers to credit and debt counseling services.