New House Bill Would Require Greater Disclosure About Credit Card Minimum Payments
By Justin McHenry
A group of Democrats led by North Carolina’s David Price introduced a bill in the House of Representatives this week that would require credit card companies to offer more information on the costs associated with making only the minimum required credit card payment each month.
In specific, the card companies would have to show how long it would take to pay off the credit card if only the minimum payment was made each month, and how much overall interest would be paid under that same scenario.
Representative Price introduced similar legislation previously in the then-Republican-controlled House. Given the transfer in power to the Democrats, and given recent Senate hearings that have also put pressure on card companies, this bill may have a greater chance of eventually becoming law.