New Credit Card Rules
What you need to know
The Credit Card Accountability Responsibility and Disclosure (C.A.R.D.) Act of 2009 will going into effect next month and we wanted to share another great aspect of the C.A.R.D. Act that we like.
From now on credit card companies will be forced to show you how long it will take you to pay off your credit card bill if you were to make the minimum payment each month.
What does this mean? If you owe $10,000 and have an 18% interest rate it will take you 48 years to pay off your debt.
It takes 48 Years to pay off $10,ooo
The credit card bill will also show you how much you would need to pay each month to clear your debt in 3 years.
If you want to know the facts about the new credit card rules, check out the federalreserve.gov
Photo Source: http://www.flickr.com/photos/consumerist/ / CC BY 2.0
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