In addition to the article written yesterday, about how credit card companies are now required to tell you how long it will take to pay off your credit card balance making only the minimum payment each month, they are also now required to include in the monthly statement a breakdown of how much you need to pay each month in order to have your total balance cleared within three years. Keep in mind that this is for each card and company individually, and so, in order to figure out the actual amount you will have to pay each month to pay off everything on all of your cards, you will have to do the math.
Even if you have identical balances, down to the cent, it is important for you to remember that because different cards and card companies charge different interest rates and fees, these monthly payments may add up to be different. It is also good to consider that paying minimum or light payments may not always be the best idea and that if you can pay off your entire balance each month it will save you the hassle of dealing with interest rates and other late payment, and overdraft charges that inevitably always sneak up on you.
So far, credit card companies are required to include on your monthly statement:
- A breakdown of how long it will take to pay off the balance of your credit card, making only the minimum payments each month and,
- A breakdown of how much you need to pay each month in order to pay off the total balance in three years
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