From the Houston Chronicle:
Credit card companies want it both ways: strict bankruptcy laws but no mandate to disclose how much all that credit is costing consumers.
If the newly wed Smiths charge $1,000 to a 13 percent credit card to finance a week-long honeymoon, then pay only the 2 percent minimum monthly payment, it will cost the couple $632 in interest and require 8.7 years to pay off, perhaps longer than their marriage.
The nation’s financial institutions don’t want consumers to focus on this, the real cost of amassing credit card debt while making only minimum monthly payments. As in the past, the industry is lobbying against proposals that would require they spell out those costs in customer statements.
Sen. Chris Dodd, D-Conn., has been pushing for years to pass legislation that would mandate that credit card companies include information in customer statements about how long it would take to discharge a debt by making only minimum payments and how much it would cost in interest.
I will grant you that a credit card bill ought to clearly show the interest rate and amount of interest incurred during the billing period, but how stupid are people these days? Anyone living in this country ought to be able to do the math and figure out this simple problem on their own. Geez.