Credit card disclosures may be improved
Posted on October 31, 2007
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Alyce Larson of Yakima thinks credit card issuers shouldn’t be allowed to change the interest rates for whatever reason they choose, even if they include it in the fine print.
Mike Morris of Leavenworth wrote the Federal Reserve Board to require creditors to clearly identify monthly interest fees, the rate and the total interest fees paid for the year on each monthly statement.
And Tina Neswick of Tumwater told the Fed there should be “more scrutiny of the credit card companies.”
“There’s so much fine print on a credit card agreement,” said Neswick. “They’ll change their terms on you and only give you 30 days.”
When the Federal Reserve Board solicited comments on changes to credit card disclosures, it got an earful from consumers. The Fed is looking to revamp the rules for credit card disclosures under the Truth in Lending Act, the first major overhaul since 1981.
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