I saw a new disclaimer on my credit card statement this month that is prominently displayed on the first page to the effect of:
Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance.
Below that it has an example of how long it would take to pay off the current balance making only the minimum payment and how much I'd wind up paying in total if I did that. Then compares it to the figures if I paid double the minimum balance and calculates the potential savings.
This is a pretty cool deal, as I assume that a lot of people don't realize how much those interest charges add up over time.
I was just wondering why they put this in there all of a sudden. Did some legislation pass that requires it? It certainly smells like something they were forced to do.