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What is the Consumer Credit Protection Act?

 

What is the Consumer Credit Protection Act?

The Bankrate.com financial term of the day is: "Consumer Credit Protection Act."

A good piece of advice when you take out a loan or credit card is to read the fine print. And what that's referring to is the very important information about credit terms and borrowing costs that is provided to you thanks to a law passed in the late 1960s called the Consumer Credit Protection Act. It spells out basic consumer protections -- for example, that borrowers receive clear details about fees and how their interest charges are calculated. Knowing all of that stuff helps you compare loan or credit card offers.

When you need to borrow money, you can count on the Consumer Credit Protection Act to take the mystery out of what that loan or credit card is ultimately going to cost you.

To shop for a great deal on a credit card, visit the credit cards section at Bankrate.com.

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