New Disclosure Tells Me I’ll Be In Debt For Over 102 Years!!!: "Earlier this year the government made some changes to the disclosures credit card companies need to make on the statements you get in the mail every month. The changes force creditors to talk about how long it will take you to get out of debt just by making the minimum monthly payments. Something they have never disclosed on a statement in the past.
I’ve been banging on this drum for some time now, comparing this lack of disclosure to that the cigarette companies faced a decade or so ago. Now half a cigarette pack is designated for statements about you dying or your teeth and gums looking like a compost heap. That change was an effective disclosure to the public that put cold hard facts front and centre.
The majority of people out there carry a credit card balance, many of whom just make minimum monthly payments each month because that’s all the card issuers ask for. From my experience speaking to people drowning in credit card debt, many actually believe and trust that making just the minimums will get them out of debt fast. You can learn about why just making minimum payments is dumb.
On my current statement, just making the minimum payment each month means it would take 102 years and 9 months. Let me say that again: 102 YEARS."
