Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

New Credit Card Laws Give a New Look to Your Statement—and Your Credit Card Debt

As some of you know, the majority of the new laws put forth in the Credit CARD Act of 2009 went into effect on Monday. Banks will be required to start changing your statements by July 1st of this year, but many are starting early with the new format. Here are a few of the changes you may be seeing in your statements:

• A clear format that highlights fees and interest.
• A box that shows you how long it will take to pay the entire balance if you only pay the minimum and how much interest you will pay as a result. In addition, there could be examples that show you how much you could save by paying more than the minimum.
• A toll free number for free credit counseling.
• Standard payments and times. You should receive your bill at least 21 days before the due date.

For some, this new format will make it easier to pay down their credit card debt. Yet, for others, it will make it easier to see how quickly they must find a solution to their credit card debt. While the new bills may put your debt in perspective, it is likely that many Missouri and Illinois credit card owners will find they need more credit card debt help than they thought.

If you need credit card debt help, Missouri or Illinois Chapter 7 bankruptcy could surely be a solution. It eliminates unsecured debt, like credit card debt, and allows you to make a fresh start for you and your family. Learn more by requesting a free copy of my ultimate debt guide, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.”