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Financial: Credit Card Disclosure of Minimum Payment Balance Payoff Date
Credit card companies should clearly disclose the date that a balance will be paid off if the minimum payments are made as scheduled. On many credit cards the minimum balance is composed largely of finance charges. When only the minimum is paid each month, the balance is reduced by very little so that paying off the balance of a credit card using minimum payments may take much longer than expected. Requiring credit card companies to clearly disclose this date will avoid misleading consumers who may not realize how little their balance is being paid down. Join this campaign to allow consumers to know when there balance will be paid in full if the minimum payments are made.
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ADDED: 01/20/2009
CATEGORY: Financial
GEO-SCOPE: National

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