Credit Card Minimum Payments (CRS Report for Congress)
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| Release Date |
Revised Nov. 6, 2009 |
| Report Number |
RS22352 |
| Report Type |
Report |
| Authors |
Pauline Smale, Analyst in Financial Economics |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Congress has focused on increasing consumer awareness of the financial jeopardy that can resultfrom paying only the required minimum. The Bankruptcy Act of 2005 (P.L. 109-8, 119 Stat.23)requires the placement of a standardized minimum payment warning on every periodic statement.Omnibus credit card legislation, the Credit Card Accountability, Responsibility, and DisclosureAct of 2009 (P.L. 111-24), was enacted on May 22, 2009. P.L. 111-24 addresses a number ofpractices employed by credit card issuers and credit card terms and conditions. The act requirespersonalized minimum payment disclosures for cardholders. February 22, 2010, is the effectivedate for the majority of the act's provisions. On November 4, 2009, the House passed legislation(H.R. 3639) to expedite the compliance date. This report provides an overview of the issues andcongressional action. It will be updated as events warrant.
