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
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