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

All I Want for Christmas is Price Scanning Accuracy posted on Dec 19

The Massachusetts Item Pricing Law was written to ensure that food retailers remained consistent and accurate in how they charge consumers. Since its last update in 2013, the law has been extended to cover consumer-use price scanners and automated check out systems. The Division of   …Continue Reading All I Want for Christmas is Price Scanning Accuracy

Storing Your Stuff Over Winter Break? Consider Where and How. posted on Dec 16

Did you know that the metropolitan area of Boston proper alone has about 60 colleges and universities? Once final projects, papers, and exams are completed, many of the undergraduate residents will have to temporarily move out of their dorms or apartments over winter break. Since   …Continue Reading Storing Your Stuff Over Winter Break? Consider Where and How.

Winter is coming… Stay Warm in your Apartment this Season. posted on Dec 9

Actually, winter has begun and the cold weather is here. Our puffy jackets and heavy coats help us fight the chill outside until we warm up indoors. Your apartment is unlikely to be that cozy haven though, if your heating system is broken or not   …Continue Reading Winter is coming… Stay Warm in your Apartment this Season.