FTC helps nonbank cardholders figure true cost of credit

By Seamus McAfee

Nonbank credit cardholders who want to figure out how long it will take to pay off their credit card balances by only making the minimum payment can now just call (888) 600-4804 -- a special number established by Federal Trade Commission.

Previously, the FTC provided only bank-issued cardholders with a toll-free telephone number for an estimate of how long it would take them to pay off their balances as a requirement of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The ruling to include a help number for nonbank cardholders was issued April 16.

Consumers can also use the FTC's online calculator to estimate the time and cost involved in paying down their credit card balances.

See related: Minimum payments mean maximum trouble with debt, Understanding how credit card minimum payments are set, CreditCards.com minimum payment calculator, Organizations launch websites to promote financial literacy

Published: April 22, 2009

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