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.