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For example, TILA requires that several details about the credit arrangement be disclosed — such as loan amount, APR payment schedule and other fees — and ultimately requires that many of these details be presented in a standardized “Schumer box.” Schumer boxes make it easier to directly compare different credit cards’ terms.
Read on for an overview of your rights under current credit card law.
Once you have debt, the next important question becomes how payment can be collected.
Early on, Congress realized that allowing lenders to collect payment directly from consumers’ employers encouraged predatory lending. The Consumer Credit Protection Act provides protections against these issues in Title II — Extortionate Credit Collections and Title III — Restrictions on Garnishment.
Credit card law, like most law, can be difficult to understand.
Yet it is so important to our daily experiences as cardholders.
This deters people from always paying the minimum and racking up debt.