Consumer Credit Regulation: 5.8.7.3.1 Background and legal status
As the reader who has been introduced to the Rule of 78s in other parts of this treatise may have gathered,510 this method of calculating rebates is a bane to consumers and a boon to creditors. It is also an anachronism; since the advent of widely available computers, there is no reason for it other than to maximize income for creditors.511