Thank you.
There are many options. I referred earlier to the fact that there's a myriad of options, from credit cards with the most perks you can imagine in the world to the ones that people tend to forget about, the very low-cost cards that actually are available to them. We heard from the retail sector on the challenges they've faced with people wanting to use their high-end cards, their platinum or gold cards. There is a cost to retailers, and we recognize that. Consumers didn't realize that.
There are many other things that consumers didn't realize. One was that we mandated that there be a summary box in the contracts, or in the applications for a credit card, that clearly states to the consumer, to the person who is going to have their name on that card, what the features are, and what the rates are, and what happens if they don't pay off that amount every month.
Clearly letting people know...and you'll see this box on your card statement every month now how many years it will take for you to pay off that balance—it's shocking when you have a large number on that card—if you make the minimum payment that is in the bottom line. It's not that they were encouraging people to make the minimum payment. That option was there for them. But people had no concept of how many years it would take them to pay that off.
The disclosure of interest rate changes: that's now mandated so that those changes have to be disclosed to individuals. There's the minimum 21-day grace period for new purchases. If you make new purchases, this interest fee waiver for 21 days...lower interest costs through mandatory allocations to the previous costs or previous amounts on there rather than the latest costs.
So those interest rates add up, interest amounts add up, but people will act differently if they understand what the consequences are.