Which of the following best expresses the policy behind the Truth-in-Lending Act?
A) To help lenders by permitting them to investigate a person's credit history without having to worry about state libel laws.
B) To help small business by requiring that lenders not use as collateral for secured loans a business's most important assets.
C) To help borrowers by requiring lenders to charge a "reasonable" rate of interest as determined by the Federal Reserve Board.
D) To help debtors for loans for personal, family, or household purpose to be armed with the necessary information on a loan to better bargain for credit and to choose the creditor with the best terms.

Question

Quizplus · Accepted Answer

The Truth-in-Lending Act is designed to promote informed use of consumer credit by requiring disclosures about its terms and cost. It aims to enable consumers to compare credit terms more readily and knowledgeably.

Which of the Following Best Expresses the Policy Behind the Truth-In-Lending