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November 24, 2006

Comments

Alex Censor

There MIGHT be a lot less credit-card misuse and addiction if the card vendors were required to disclose at the time of solititation and in the payment-due statements the TIME and TOTAL COST that the user is likely to incurr if the make the minium payments.

Actually, it's worse: Even if an account holder calls up and says "Could you tell me at the current interest rate I'm paying, if I charge nothing more on my card, how long it will take me to pay this down and how much interest I will have paid" they will not be given this information.
There are calculators online such as --
http://www.dinkytown.net/java/DebtRolldown.html
-- which WILL crank out the shocking truth. But the folks who most need to see those numbers either don't go there or go there too late.

My two cents.

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