What to expect on your new credit card statement

What to expect on your new credit card statement

As part of new credit card law, banks are required to provide some critical new information on monthly statements. The idea is spell out for cardholders the costs of carrying a balance.

Here’s a look at the new information you’ll find on your statement.

—How many years it will take to pay off your balance if you make only minimum payments

—How much you’ll end up paying in interest and principal if you only make minimum payments to pay off your balance

—How much you need to pay each month to wipe your balance clean within three years

—How much you’ll save in interest if you pay off your balance in three years instead of making minimum payments

—A toll-free phone number where you can get information about credit counseling