Simpler Credit Card Statements On The Way
Getty Images
If you have a hard time figuring out your monthly credit card statement, help is on the way.
New government regulations require credit card issuers to make their monthly billing statements easier to read and understand.
"If you can't understand your statements, you're in big trouble," says Todd Mark at Consumer Credit counseling Service in Dallas.
The new statements will include clearer and more detailed information on changes in credit card terms, service fees and the total amount of interest paid.
"If you make it clear for people to understand the ramifications of their behavior with their credit card and their payment history, that's very important," Mark says.
Card issuers must complete their statement makeovers by July 1, 2010. However, some companies are expected to roll out revamped statements sooner.
