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Learn About the Changes to Your Credit Card Statement

[Jul 15, 2010.]

 

Back in December 2008 the Federal Reserve approved rules to better protect credit card users; this included some changes to monthly credit card statements so that cardholders could more easily understand payments and interest rates charged. Beginning July 1, 2010, the issuers are now required to tell cardholders the amount of time it will take to pay off the balance if they pay only the minimum payment -- as well as the total amount of interest they will pay in that time.  Do you think this information will shock consumers into paying off their balance as fast as possible?

In any case, FiveCentNickel.com, a website that has list of the best credit cards and 0% balance transfer credit cards, put together a sample statement with data from the Federal Reserve, that explains the changes.  You can mouse over each number and read the details on the changes on each part of the statement.

 

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