New Law Helps Credit Card Holders Pay Down Balance Faster
Credit card borrowers who pay more than the minimum payment each month can reap big savings under the Credit Card Accountability, Responsibility and Disclosure Act of 2009, a Center for Responsible Lending analysis finds. (For the full analysis, http://www.responsiblelending.org /research-publication/capitalizing-new-consumer.) Under the new law, known as the Credit CARD Act, borrowers can pay down existing credit card debt sooner by paying less interest than under the old rules, all the while improving their credit score. The CRL analysis estimates that for each dollar above the minimum that