As foreclosures rose in 2008, the total number of consumer bankruptcies also increased to 1.06 million, according to the American Bankruptcy Institute.
TILA, the Truth in Lending Act, or Title I of the Consumer Protection Act of 1968 is a federal law which was designed to protect consumers in credit transactions. Among the things that the lender must disclose to the consumer are: The loan terms, total costs and annual percentage rates in order for the consumer to be able to make a knowledgeable decision whether to accept the loan.
Print This Article
Add To Favorites