With the passing of the Credit CARD Act came a change in the format of credit card statements. These new statements are designed to help you see the most important aspects of your credit card – your interest rate(s), total fees paid, how long it will take to pay off your card, changes to interest rates, and changes to your account terms. I’ve noticed these changes in my credit card statements, and I like them. The information is easier to find than before, and I hope the payment information section will open peoples’ eyes to the dangers of the minimum payment.
Five Cent Nickel, another personal finance blogger, created a nice graphical explanation of these changes using the Federal Reserve’s sample statement. I thought it might be useful if you’ve been wondering about these changes. The information that FCN provides also includes some of the other changes that came with the Credit CARD Act.
Do you like these changes and the new format? Do you think it will help people pay off their credit cards faster, or will people who pay the minimum payment keep on ignoring their situation? Share your thoughts in the comments!