Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709

Soon You Will Know What It Really Takes to Pay Off Your Credit Card Debt

Effective February 22, 2010 your credit card companies will have to tell you how long it will take and what it truly will cost to pay off your credit card balances if you only make the minimum monthly payments. Along with this calculation, the statements will also show the long term savings of paying off the balance in three years and the amount of the monthly payment you will need to pay it.

The goal of this new rule is to help people realize the financial downside of paying only the minimum payment each month.

For example, on a $3,000.00 credit card balance with 14.4% interest and a $90.00 monthly payment, it would take 11 years and ultimately cost $4,475.00 - if no other charges were added to this account - to retire the debt. However, if the consumer paid only $13.00 more each month or $103.00 a month, the debt will be paid off in three years for a total cost of $3,712.00.

Also credit card bills must include contact information for financial counseling for consumers.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6333 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.