Oprah’s Debt Diet Step 3: Learn to Play the Credit Card Game (From oprah.com)

The CARD Act of 2009 was congressional legislation designed to protect consumers and requires that your credit card statement chart how long it will take to pay off your balance if you only make minimum payments monthly and not add any additional charges to the account. It also must indicate how much you need to pay monthly in order to pay off the debt in three years. In addition, it must show the estimated total you will end up paying for either option you take. It’s amazing to see how motivated one will become when seeing the amount of money saved by paying the three-year payment plan! By the way, from the time that the CARD Act was passed until it was enacted, some banks increased the minimum payment from 2 percent to 4 percent of the balance, thus decreasing consumer monthly cash flow.

Click HERE to read rest of the article on oprah.com!

One thought on “Oprah’s Debt Diet Step 3: Learn to Play the Credit Card Game (From oprah.com)

  1. Consolidation loan would be a much better way to approach cashflow consolidation. If you don’t want to consolidate, always pay off the highest interest rate, or lowest total first. Lowest total to reduce cash flow burdens, highest interest to reduce total cost of your loans.