2009-05-27
14:16:50
Changes to how people apply for credit cards may help reduce debt through education.
From now on new regulations require credit card applications and contracts feature a box that outlines interest rates, grace periods, and fees.
On monthly statements there will be information on how long it would take a card holder to pay off a balance only making the minimum payments.
The President of Credit Counseling Services of Atlantic Canada John Eisner says that little piece of plastic can get consumers in a lot of financial trouble if not used properly.
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