Since February of 2010 there are new credit card rules that apply to both credit card companies and consumers. The Consumer Credit Card Protection Act has come a long way to help consumers better understand their rights with credit card debt and credit card balances. The FDIC laws and regulations were put in place to make sure that Americans have rights.


In February of 2010 the Credit CARD Act was signed to help consumers better understand their credit card statements. It is now the case that a credit card statement is much more detailed and will help you to better understand how long it will take you to get out of debt.

By looking at your current credit card statement you will clearly see how long it will take you to get out of debt if you make the minimum monthly payment. It will also tell you how much you will have to pay each and every month to pay that specific credit card off in three years.

With the consumer credit card protection act in place the FDIC has created laws and regulations that make it much more safe for consumers to use credit cards to make purchases in the near future.

Author: Heather Best