Political Quotes

“Mr. Chairman, this bill, as reported by the Committee on the Judiciary, already does require credit card issuers to tell consumers on every monthly billing statement that making only the minimum payment each month will increase the amount of interest paid and the length of time it takes to repay the balance on the account. Our amendment, which is cosponsored by the gentleman from California (Mr. Dooley) and the gentleman from New York (Mr. Ackerman), adds four components to the existing consumer protection provisions of H.R. 833. These components have been crafted to respond to specific concerns that have been expressed about whether consumers have adequate information about certain features of their credit card accounts. First of all, in terms of minimum payments, it enhances the minimum payment disclosure requirements already contained in this bill. Under our amendment credit card issuers would be required to disclose, when the consumer first opens an account, several examples of how long it would take to repay a balance if the consumer makes only minimum payments.”