The Obama Credit CARD Act has given cardholders more information, in terms of their credit card debt, to use in getting out of debt. Many people fail to realize how much debt they owe and if they do know some are still unsure about how long it will take them to get out of debt at their current rate and how much they will pay.
Over time, interest builds up on debt that is just being given the minimal payment. If you are only paying the minimum required payment on your debt then those who you owe, like credit card companies, are happier since they stand to profit more over the long run.
The CARD Act has given credit card users more information concerning how much they owe, how long it will take them to pay off that amount with the minimum required payments, and with this information any cardholder is going to be able to see how much they will pay when factoring in interest.
Most often, minimum payments are going to extend the repayment period on credit card debt so that credit card companies make money on the interest. So, one of the fastest ways to get out of credit card debt is to stop buying on credit and attack one credit card at a time, usually starting with the lowest balance first, and continue doing so until your cards are paid off.
It may not seem like fun to budget, sacrifice, and pay more than you are required on your credit cards, but it is going to save you money over the long run, which is something that should be a priority.