Although major banks are pleased with the renewed trend of credit card usage over debit cards, the Consumer Finance Protection Board (CFPB) seeks to educate consumers on the potential dangers of high credit card balances. Professor David Reiss, an expert on consumer finance law, spoke to Forbes about the CFPB's upcoming "Know Before You Owe" consumer outreach project. "It can seek to provide financial literacy training to a broad swath of the population,” he said. “It can require even clearer disclosures by credit card companies and it can regulate the types of products that credit card companies issue to ensure more standardized product offerings across the industry."
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