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July 1st Credit Card Statement Changes Explained

By , Managing Editor
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Due to the Credit CARD Act, as of July 1, 2010 credit card issuers are required to tell cardholders how long it will take to pay off the balance if they pay only the minimum payment and how much total interest they will pay in that time--along with other changes that make statements easier for consumers to understand.

Below is a sample statement, from the Federal Reserve, that illistates those changes. Mouse over the number to read the details for each part of the statement.

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