02-24-2010 12:02 PM
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.
02-24-2010 12:04 PM
02-28-2010 10:48 AM
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......
02-28-2010 11:49 AM
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
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.