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What Is the Primary Purpose of the Truth in Lending

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Essay

What is the primary purpose of the Truth in Lending Act?


Definitions:

Utility Bills

Monthly invoices sent to consumers for the consumption of public services such as electricity, water, natural gas, and sewage services.

Minimum Payment

The smallest amount of a credit card bill that must be paid each month to avoid defaulting on the debt.

Finance Fee

A charge associated with the management or processing of financial transactions.

Debit Card

A payment card that deducts money directly from a consumer's checking account to pay for a purchase.

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