S. 1176- The Credit Card Minimum Payment Warning Act of 2007

S. 1176- The Credit Card Minimum Payment Warning Act of 2007

Requirements of the Credit Card Minimum Payment Warning Act include a) a warning that paying the minimum rate will increase the interest owed\; b) the years and months it will take to pay off at the minimum rate\; c) the total costs in interest and principal at the minimum rate\; d) the monthly payment required to pay the balance off in three years\; and e) a toll-free number for credit counseling and debt management assistance.