The Federal Reserve's website includes interactive features that help existing credit card customers understand changes to their monthly statements. Prospective cardholders can explore features that explain the meaning behind potentially confusing terms and conditions contained in application agreements. All consumers can use the website's calculators to estimate when they'll become debt-free by making minimum payments, and how much extra they may want to consider paying each month to speed up the process.
Federal Reserve Board Governor Elizabeth A. Duke told reporters that the website will continue to publish new material over the coming months, including Spanish translations of its core content. "These online tools and resources will help consumers make well-informed decisions about their use of credit," Duke said.
About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.