Federal Reserve Board Launches Consumers Guide to Credit Cards

New rules are in place for credit card issuers, thanks to the Credit CARD Act of 2009. These new rules are designed to make consumer credit more transparent and easy to understand.

The Federal Reserve wants to go a step further. As such, they have released their Consumers Guide for Credit Cards. This site has a couple of cool features that can benefit any consumer that is considering new credit.

New Interactive Guides

A sample credit card offer is presented which shows the new face of credit card solicitations. Card companies must follow this format when extending an offer to you. You may point at some of the features of the statement for a more in-depth look at this format.

Also, a sample monthly statement is supplied which is also interactive. You can learn more about the various items that must appear on your statement.

My favorite is an estimate of how long it takes to pay off a credit card balance. This calculator actually links back to an existing page that the Federal Reserve has long provided. By estimating a payoff on a credit card balance, you can see how much it will cost you to carry that balance forward.

The goal is that consumers will take a more active role in choosing the right offers, maintaining their current accounts properly and carrying a lower debt load. The Federal Reserve promises to update this site to provide enhanced interaction on credit card rules.

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