July 1st Credit Card Statement Changes Explained
Written by Amber Stubbs
Posted On: July 20, 2010
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.
Credit Card Statement Changes from Five Cent Nickel
Posted in credit card |
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About the author:
Amber Stubbs is the Managing Editor of CardRatings.com. She has been researching the credit card industry for over five years and has been interviewed by members of the national media. Amber became passionate about personal finance after overcoming difficulties with her own credit. She improved her credit score by over 100 points using self-help methods, and hopes to inspire other consumers to do the same.
Amber Stubbs is the Managing Editor of CardRatings.com. She has been researching the credit card industry for over five years and has been interviewed by members of the national media. Amber became passionate about personal finance after overcoming difficulties with her own credit. She improved her credit score by over 100 points using self-help methods, and hopes to inspire other consumers to do the same.
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