Which federal consumer credit law requires issuers to display on monthly statements how long it would take to pay off the existing balance and the total interest cost if the consumer paid only the minimum due?
A)Fair Credit Reporting Act
B)Equal Credit Opportunity Act
C)Truth in Lending Act
D)Credit Card Accountability,Responsibility,and Disclosure Act
E)Fair Credit Billing Act

Question

Quizplus · Accepted Answer

The Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act) of 2009 requires issuers to display on monthly statements the time it would take to pay off the existing balance and the total interest cost if only the minimum payment is made. This is part of the act's provisions aimed at increasing transparency and helping consumers understand the implications of making only minimum payments.

Which Federal Consumer Credit Law Requires Issuers to Display on Monthly