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New credit card statement

Moderator Emeritus

New credit card statement

I just received my new CC statement from B of A that reflects the new Credit CARD Act requirements.  At the top of the statement is a table that tells me how long it would take to pay off the balance (about $2100) if made only the minimum payment - 14 years, at a cost of ~$3400 in interest payments.  If I pay $67 a month, it will take 3 years, with about $2400 in interest.

 

I always PIF, so the info isn't relevant to me, but I did find it kind of interesting.

4 REPLIES
Regular Contributor

Re: New credit card statement

I think that's fantastic, especially for those of us who aren't that great at math. Maybe it will help encourage more folks to PIF when they see how much they're paying in interest.
Regular Contributor

Re: New credit card statement

Hi

 

I know this part of the CARD act will help a lot of people to see what they are paying as far as interest goes......

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Regular Contributor

Re: New credit card statement

My Chase card statement said that if I only paid the minimum ($81 on a $4000 balance 15.24% interest rate) it would be paid off in 25 years!!  By paying $143 a month it would be paid in 3 years!  Good thing I pay $150 each month and will have the balance paid off at the end of July.

 

I find this information very helpful on the new statements, but somewhat sad when it puts in perspective the amount of debt I have Smiley Sad


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Super Contributor

Re: New credit card statement

I still haven't seen any new implications of the credit card act on my statements.  My balances are all zero so that could be the reason..