Courtney Massey has applied for a MBNA America credit card. By law, the credit grantor must reveal the "true" cost of using the credit, including the annual interest rate that will be assessed. This law is known as the Act.

Question

Quizplus · Accepted Answer

The Truth in Lending Act requires credit grantors to disclose the true cost of credit to consumers, including the annual interest rate and other charges, ensuring consumers can compare credit terms more easily and make informed decisions.

Courtney Massey Has Applied for a MBNA America Credit Card