Bank of America is the first major credit card issuer to announce a solution that falls under the “Plain Language in Plain Sight” provision of reform laws that take effect in February. BofA, the nation’s largest bank by assets, calls it “Credit Card Clarity Commitment,” a one-page summary of customers’ rates, fees and payment information.

Credit card delinquency rates in October continued to rise, and this trend will likely lead to higher industry-wide charge-offs – loans considered uncollectible – in the coming months, said Moody’s Investor’s Service. Loans at least 30 days overdue climbed to 6.12 percent in October from 5.97 percent in September.

The mortgage delinquency rate reached a record 9.64 percent of all loans outstanding for the third quarter of this year, according to the Mortgage Bankers Association. That compares to 9.24 percent in the second quarter of this year, and 6.99 percent in the third quarter of last year.