July 30th, 2009 by Reed Allmand 
According to an article in the Dallas Morning News, federal regulators will require that all credit card companies make consumer credit card statements easier to understand. This includes:
*Telling credit card consumers via their statements exactly how long if will take to pay off their balance if they make only the minimum payment.
*Using plain language, credit card companies will place APRs and fees with their effective dates on consumer credit card statement.
*Credit card companies will clearly explain the implications of a late payment and state the exact amount of the late fee and penalty APR on the consumer credit card statement.
Credit card consumers will also escape over-the-limit fees unless they specifically requested that transactions be approved that would place them over their credit limit.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
View all posts by Reed AllmandSubscribe
Subscribe to our e-mail newsletter to receive updates.
