This week, new federal rules regarding your credit card accounts take effect. The changes include a number of mandates that improve your ability to get information about your balance and payments, and they are changes that were very striking to me when I received a bill last week.
I returned home from a vacation to get a credit card bill that included a number of charges from my trip. It was the first bill that included a key provision of the regulations – that the bill details how long it would take to pay off the existing balance by making the minimum payment, and how much it would eventually cost. For the first time, that information was in black and white on my bill. I am very glad I pay my bill off each month.
If I were to pay the minimum, it would take me 22 years to pay off the balance. And it would cost more than double than what I put on the card. I enjoyed my vacation very much, but I don’t want to be paying it off in 2032, and I don’t want to pay more than twice what it actually cost me.
Consumers traditionally only saw their existing balance and minimum payment in the past. Knowing how much it would cost in the long run would take a degree in advance mathematics. These new regulations give consumers more information – and information is power when making decisions, spending money, and knowing just how costly credit card debt can truly be.
The new regulations do a number of other things – including setting specific due dates for each month, guaranteeing 21 days to make a payment, and creating new protections for college students. Across the board, these rules restore some power back to consumers, and give them the eye-opening information necessary to make smart choices with their money.
What teens and seniors should know about 18-65 accounts posted on Apr 25
April is Financial Literacy Month and the Office of Consumer Affairs and Business Regulation is offering tips on how to establish and maintain healthy financial habits. It’s never too early or too late to take an interest in your personal finances. But for many, …Continue Reading What teens and seniors should know about 18-65 accounts
Tips to Reduce Your Junk Mail posted on Apr 20
Many Americans open their mailboxes to find them stuffed with envelopes bearing the names of unfamiliar or unsolicited companies. 44 percent of junk mail is thrown away unopened. As a result, about 5.6 million tons of mail offers and advertisements end up in U.S. …Continue Reading Tips to Reduce Your Junk Mail
Buyer Beware: Why clothing ads are not always what they seem posted on Apr 20
Online shopping provides a fast, convenient platform for purchasing items without the hassle of driving to a store. However, scammers often take advantage of the popularity of the online retail industry, sending purchased products that are either not what was advertised or far inferior …Continue Reading Buyer Beware: Why clothing ads are not always what they seem