Post Content

 

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.

Written By:

Recent Posts

National Preparedness Month: National Flood Insurance Program Facts posted on Sep 22

National Preparedness Month: National Flood Insurance Program Facts

You never know when rainfall may lead to a major flood. National Preparedness Month is a great time to make sure your home and belongings are prepared for the unexpected. Having a flood in your home can cause major destruction, leading to costly repairs. Programs   …Continue Reading National Preparedness Month: National Flood Insurance Program Facts

Ballot Question 1: Right to Repair posted on Sep 18

Ballot Question 1: Right to Repair

Should you, or shouldn’t you? 2020 Massachusetts Ballot Question 1 has a lot of voters wondering which option is best for the people of the Commonwealth as proponents on each side spend millions on advertising to convince you to vote one way or the other.   …Continue Reading Ballot Question 1: Right to Repair

Tuition Reimbursement Insurance posted on Sep 17

Tuition Reimbursement Insurance

There are lots of things that parents worry about when they send their children off to college, a global pandemic has not conventionally been one of them – until now. A year ago, no one would have predicted the outbreak of Coronavirus, or its impact   …Continue Reading Tuition Reimbursement Insurance