![]() ![]() An identification of each credit transaction in accordance with § 1026.8.ġ. See interpretation of 7(a)(1) Previous Balance In such a plan, the previous balance need not reflect finance charges accrued since the last payment. Some open-end credit plans provide that the amount of the finance charge that has accrued since the consumer's last payment is directly deducted from each new payment, rather than being separately added to each statement and reflected as an increase in the obligation. Accrued finance charges allocated from payments. If separate balances are disclosed, a total previous balance is optional.ģ. In a multifeatured plan, the previous balance may be disclosed either as an aggregate balance for the account or as separate balances for each feature (for example, a previous balance for purchases and a previous balance for cash advances). ![]() If the previous balance is a credit balance, it must be disclosed in such a way so as to inform the consumer that it is a credit balance, rather than a debit balance.Ģ. ![]()
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