Credit Card Act of 2009

I know Congress had gotten a bad rap lately, but they certainly did a great thing in 2009 when Obama signed the Credit Card Act into law. Some of the changes are just being enacted and one of the most noticable ones is apparent on my credit card bill this month. Credit card companies are now required to tell customers how long it will take to pay off the balance of a bill if the customer only makes the minimum payment each month. I always pay my bill in full each month, but according to my bill if I were to only make the minimum payment it would take me 19 years to pay off my bill. I would be 55 years old!!! (And that's only if I don't charge anything else from now until age 55!) I think this is a great law and I am proud of our Congress for doing something sensical that will benefit Americans who are trying to stay out of insurmountable debt.