As I started building some content for this Obama Credit Plan site today, I was led to the Truth in Lending Act, which was enacted by our Gov’t in 1968 to protect consumers and assure they are 100% aware of all costs involved in the credit relationship they are about to enter.
Go Ahead – Try to Read it! I dare you! When you get back tomorrow, maybe you can explain to the rest of us what it actually says!
It seems to me that right now, the first thing the Congress should do is revise the act itself! There is quite a bit different from 1968 to now, and you need a degree in legalese just to get past the first page!
Keep in mind that anytime you are extended credit, whether it is a credit card or a mortgage, or whatever, you are given a copy of this form and have to sign in agreement that you read it!
Maybe the Truth in Lending Act has been so over-engineered that its time for some simplification?!
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