Quote:
Originally Posted by irmanator
when do they have to start this?
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I went back to check my sources after you asked this and I think I'm mistaken. Apparently the part about having to post information about interest rates and how long it will take to pay back based on the minimum payment on your statement is correct. However, although my source was another forum which I normally consider fairly reliable, I can't find anything on the web about congress requiring minimum payments to go up. I did find one article on Chase specifically raising their minimums. It indicated other credit cards may follow suit but didn't give specific information.
There is a new credit card revision law, but overall it seems (in my opinion) to favor overwhelmed consumers rather than the lenders, so that could be a good thing for many who overborrowed.
I'm so sorry if I caused anyone to panic unnecessarily!