Over the past few years with the credit crisis, our government has finally started to realize that credit card companies will do anything and everything to hide their unscrupulous practices, terms, and conditions. As part of a credit card regulation reform, credit card companies will be required to change the look of their credit card statements and terms & conditions.
Here are some things that will change on your statement:
- Late payment warning box
- Minimum payment warning box.
- Separate area detailing changes to your account terms and conditions
- Details about transactions, fees, and interest charges will be separated into different boxes so you can clearly understand how much money was charged for fees and interest charges.
- A separate area that calculates the monthly interest charge and APR.
You can get more detailed from this article from creditcards.com All credit card issuers will be forced to comply by July 1st, 2009, but many are starting to roll out the new statements now.
This will be a good thing, and hopefully it will wake people up to the fact that credit cards are not a financial tool to help you. They only hurt you in the long run, because over 80% of Americans misuse credit cards. Less than 15% of the population pay off their credit cards every month. These new regulations about credit card statements will help people see how much money they are throwing away on credit card fees and interest rates.