releases: https://price.house.gov/newsroom/press-releases/congressman-price-introduces-online-credit-card-disclosure-act
Data license: MIT · Data source: dwillis/congress-press
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| https://price.house.gov/newsroom/press-releases/congressman-price-introduces-online-credit-card-disclosure-act | Congressman Price Introduces Online Credit Card Disclosure Act | 2018-07-25 | 2018 | 2018-07 | Democrat | House | NC | David Price | P000523 | price.house.gov | legacy | WASHINGTON, D.C. (July 25, 2018) On Wednesday, July 25, 2018, Congressman David Price introduced the Online Credit Card Disclosure Act, legislation which would require credit card companies to inform consumers about the risks associated with minimum debt payments by regularly publishing clear, personalized pay-down disclosures online, including websites and mobile apps. Additionally, the bill ensures the disclosures are based on consumer testing to ensure their effectiveness. The legislation is supported by Consumers Union and the Center for Responsible Lending. Chronic, unmanageable debt presents a tremendous threat to the both the financial health of individuals and the public economic health at large, said Congressman Price. Consumers faced with mounting credit debt are often subjected to complicated minimum payment practices that keep them locked in an unsustainable situation. As more and more Americans handle their financial affairs online, my bill ensures creditors employ consumer-tested best practices to help card holders understand and pay down their debt. "Many consumers don't realize they'll end up paying much more and much longer by sending in just the minimum payment on their credit card bill each month, "said Christina Tetreault, staff attorney for Consumers Union, the advocacy division of Consumer Reports. "This bill will help consumers better manage their credit card debt by requiring banks to disclose the true cost of paying the minimum payment." This bill will help online credit card consumers by providing disclosure and clarity about their repayment options, so they can responsibly manage their credit card debt, said Scott Astrada, Director of Federal Advocacy at the Center for Responsible Lending. Consumers should be protected from manipulative minimum payment practices or restrictions on transparent repayment options that can trap working families into deeper debt. We thank Congressman Price for his leadership and pragmatic approach in addressing much needed credit card reform. This legislation would ensure that consumers are educated about responsibly paying down their debt by giving them more transparent access to: Disclosure that making only the minimum monthly payment will increase the total amount of interest they pay The total cost, including interest payments, of paying only monthly minimum payments on their credit card balance Quarterly assessments of the monthly payment they must make pay off their current balance in 12 months, 24 months, and 36 months Access to credit counseling and debt management services via a toll-free telephone number These resources are already available on paper billing statements under a provision Rep. Price authored in the Credit Cardholders' Bill of Rights Act (Credit CARD Act) of 2009. Extending these provisions online will ensure that all consumers are able to make responsible decisions about paying down their debt. # # # | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |