Credit card bills will get more user-friendly on Monday, one of the most obvious ways a new federal law will try to help frustrated customers.
Statements will include information about how long it will take to pay off a balance. A customer’s bill will be due on the same day each month, helping to avoid late fees. The changes, mandated by the Credit Card Accountability, Responsibility, and Disclosure Act, mean some companies will even increase the size of the type on customers’ bills.
Yet Barney Frank, a Newton Democrat and chairman of the House Financial Services Committee, said cardholders should still carefully scrutinize credit card contracts and watch their monthly statements.