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Disclosing Real Interest Rates Not Easy
President Kennedy urges a consumer protection law to require lenders to disclose total finance charges and the true interest rate. Bankers say rates are complex in modern credit, with many lenders already providing charges but a universal standard remains debated. Economists note that finance practices rely on short-interval interest rather than simple annual rates, complicating straightforward disclosures.
MENTIONED IN THIS ARTICLE
Kennedy
Congress
American Bankers Association
Paul H. Douglas
Ill
First National City Bank of New York