Consumer Credit Card Protection Act Offers Way for Americans to Save Money Through Statement Education
Posted on | May 26, 2010 | Comments Off
The consumer credit card protection act offers Americans a way to save money through education of a credit card statement. At the end of February Pres. Obama sign the credit card act into law and it greatly changes the way credit card statements look. By looking at a recent credit card payment you will notice many more columns than facts.
It is now the case that credit card companies must provide information on how long it will take cardholders to get out of debt by making the minimum monthly payment. Unfortunately, some cardholders with a very high interest rate and high balance could see several years and possibly even several decades in this column.
It is also the case that credit card companies must provide a column to explain how much must be paid each and every month to have a particular credit card paid off in three years. Once again, this could be a very high amount of money for those who have been struggling with high interest rate credit card debt.
Hopefully the consumer credit card protection act will help to open the eyes of many cardholders and make them realize that they must pay much more than the minimum monthly payments. By doing this it will help them get out of debt much quicker and save a significant amount of money over the course of their lifetime.
Author: Jeremy North
Tags: card act > consumer card act > consumer credit card act > credit card act > credit card protection act > save money card act