Date of Award


Document Type



Political Science

First Reader



Consumer credit probably began in the United States early in the nineteenth century, but it has only in recent years acquired such a position of social and economic imminence. Today, credit is an integral part of our life style and the volume of consumer credit sales reaches monumental proportions.

Though credit use has benefits, the unwise use of credit has serious ramifications. Little can be done to protect the consumer from himself, so attention must focus on protecting the consumer-borrower from the lender. The full-disclosure facet of the Act assures consumer-borrowers that they will be informed as to the real cost of their credit.

Lenders are criminally liable for willful and knowing violations of the Truth in Lending Act. The Act is the first substantial consumer credit protection legislation. Its appearance alone seems to serve as notification that emphasis is being shifted from "Let the buyer beware" and turned toward "Let the seller beware."



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