Financial Update (First Quarter 2010)
Federal Reserve Launches Consumer Guide to Credit Cards
Consumers wanting to learn more about recent changes to credit card rules and how they may be affected now have a new resource. The online guide to credit cards summarizes new credit card protections that went into effect February 22. Included on the new Web site are two interactive tools and several other features that help inform consumers about the credit card process.
Features, tools help consumers understand new rules
Another interactive feature helps consumers understand the new information in their monthly credit card statements, including a section that details how long it will take to pay off the balance if only the minimum payment is made and what the monthly payment must be to pay off the balance in three years. The new rules also require credit card companies to notify consumers before they make significant changes to the terms of the card, which can include but are not limited to increases in the interest rate or changes to certain fees.
More features in place and on the way
In coming months, the Board plans to add more features, including Spanish translations and additional credit card information.
February 26, 2010