New CARD Act Disclosures
Washington, D.C.—March 5, 2010— The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009, which took effect February 22, 2010, requires new disclosures on monthly credit card statements. The Financial Services Roundtable and the Center for Responsible Lending have teamed up to explain a few of these new disclosures, which are intended to make the cost of credit clearer to American consumers. The Disclosures WILL: ? Show you how long it will take to pay off your entire balance if you pay only the minimum payment each month and make no additional purchases or advances.