WASHINGTON – May 22nd, 2009. President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, marking a turning point for American consumers and ending the days of unfair rate hikes and hidden fees. Americans need a healthy flow of credit in our economy, but for too long credit card contracts and practices have been unfairly and deceptively complicated, often leading consumers to pay more than they reasonably expect. Every year, Americans pay around $15 billion in penalty fees. Nearly 80 percent of American families have a credit card, and 44 percent of families carry a balance on their credit cards.
As part of the new credit card law, banks are required to provide some critical new information on monthly statements. The idea is to spell out for cardholders the costs of carrying a balance. Here's a look at the new information you'll find on your new statement.
- How many years it will take to pay off your balance if you make only the minimum payments.
- How much you'll end up paying in interest and principal if you make only minimum payments to pay off your balance.
- How much you need to pay each month to wipe your balance clean within three years.
- How much you'll save in interest if you pay off your balance in three years instead of making minimum payments.
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CARD ACT 2009
On Your Statement
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