Requirements and prospects for a new time to payoff disclosure for open end credit under Truth in Lending

Requirements and prospects for a new time to payoff disclosure for open end credit under Truth in Lending

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Use of composite rates (the other lines of Table 2) also produces intermediate outcomes, closer to or farther from the upper and ... The balance required for calculating time to payoff is the current ending sub balance. ... Specifically, average daily balance will diverge sharply from ending balance in any month when a large transaction occurs (credit advance or payment) near the end of the billing cycle.


Title:Requirements and prospects for a new time to payoff disclosure for open end credit under Truth in Lending
Author: Thomas A. Durkin, Board of Governors of the Federal Reserve System (U.S.)
Publisher: - 2006
ISBN-13:

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