New credit card statements helping customers

When the CARD Act went into effect in February, one of the new mandates it ushered in was a requirement for credit card companies to print right on your statement in black and white how long it will take you to pay off your balance if you only pay the minimum and how much in interest this will cost.

We here at Walletpop applauded this facet of the new legislation when it was enacted, and a new poll shows that the enhanced information is working as planned: Americans are wising up to their financial reality.

The National Foundation for Credit Counseling just released the results of a poll conducted last month among American consumers, and the results are striking. This additional information now appearing on your credit card statements is educating you about just how expensive credit card interest can be, and it's leading those of you who can afford to pay more to make changes in your personal budgeting.