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Truth In Lending

Consumer Credit

Credit allows consumers to finance transactions without having to pay the full cost of the merchandise purchased at the time of the transaction.  A common form of consumer credit is a credit card issued by a financial institution.  Merchants may also provide financing for products which they sell.  Banks may directly finance purchases through loans and mortgages.

Purpose

The Truth in lending Act is a cornerstone of consumer credit legislation.  The statute is Congress's effort to guarantee the accurate and meaningful disclosure of the costs of consumer credit and thereby to enable consumers to make informed choices in the credit marketplace.

Role of Truth in Lending

Unfortunately, most consumer advocates do not have the chance to engage in preventive legal care.  Instead they see the client when trouble arises - a problem with the goods or services purchased on credit, or an unexpected financial crisis which led to default.  In these cases your attorney may:

1. Collect statutory damages (between $100 and $1000) without having to prove actual damages;
2. Collect actual damages;
3. Recover costs and reasonable attorney's fees; and
4. File class action lawsuits.

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Copyright © 1999 Consumer Justice Center