Sentences with phrase «borrowing in a common language»

For the first time, creditors had to state the cost of borrowing in a common language so that you — the customer — could figure out exactly what the charges would be, compare costs, and shop around for the credit deal best for you.

Consumer Credit Protection Act (CCPA)[top] A landmark legislation which requires creditors to state the cost of borrowing in a common language so that consumers can readily understand exactly what the charges will be, compare costs, and shop around for more favorable terms.