Post Content

Undersecretary Barbara AnthonyPosted by:
Barbara Anthony, Undersecretary of the Office of Consumer Affairs and Business Regulation

This week, new federal rules regarding your credit card accounts take effect. The changes include a number of mandates that improve your ability to get information about your balance and payments, and they are changes that were very striking to me when I received a bill last week.

I returned home from a vacation to get a credit card bill that included a number of charges from my trip. It was the first bill that included a key provision of the regulations – that the bill details how long it would take to pay off the existing balance by making the minimum payment, and how much it would eventually cost. For the first time, that information was in black and white on my bill. I am very glad I pay my bill off each month.

If I were to pay the minimum, it would take me 22 years to pay off the balance. And it would cost more than double than what I put on the card. I enjoyed my vacation very much, but I don’t want to be paying it off in 2032, and I don’t want to pay more than twice what it actually cost me.

Consumers traditionally only saw their existing balance and minimum payment in the past. Knowing how much it would cost in the long run would take a degree in advance mathematics. These new regulations give consumers more information – and information is power when making decisions, spending money, and knowing just how costly credit card debt can truly be.

The new regulations do a number of other things – including setting specific due dates for each month, guaranteeing 21 days to make a payment, and creating new protections for college students. Across the board, these rules restore some power back to consumers, and give them the eye-opening information necessary to make smart choices with their money.

Written By:


Jayda Leder-Luis is the Communications Coordinator at the Office of Consumer Affairs & Business Regulation.

Recent Posts

Chances Are, You’ve Had to Deal with One of These 5 Consumer Issues posted on Aug 14

Last month, the Consumer Federation of America published a list of their top ten consumer complaints. In it, they named many of the issues that the Office of Consumer Affairs and Business Regulations keeps consumers informed about, ranging from auto complaints to fraud and scams.   …Continue Reading Chances Are, You’ve Had to Deal with One of These 5 Consumer Issues

The Office of Consumer Affairs and Business Regulation Offers Disaster Relief Tips for Residents of Revere posted on Aug 5

The Massachusetts Office of Consumer Affairs and Business Regulations advises residents of Revere who were impacted by last week’s tornado to be cautious as they look for repair assistance and seek to file insurance claims. It is important that consumers make sure they are hiring   …Continue Reading The Office of Consumer Affairs and Business Regulation Offers Disaster Relief Tips for Residents of Revere

Craigslist Scam Alert: How You Could You Be Paying Someone to Steal Your Personal Info posted on Jul 24

Over the past week, the Consumer Hotline has received two complaints about a scam on Craigslist where buyers are scamming sellers out of money and their personal information. Callers reported being scammed when trying to sell an item on Craigslist. Online buyers would offer to   …Continue Reading Craigslist Scam Alert: How You Could You Be Paying Someone to Steal Your Personal Info