Thank You, Credit Card Reform Act of 2009

First of all yes, that is my credit card statement. It's just awful. I always wince the first time I look at it each month because it is a harsh reminder of how stupid I was in college. But at the same time it makes me realize how far I have come. This time 2 years ago my balance was over 11,000. Which means I have paid off $3000 since then, which is no small feat.

That isn't the point of why I posted this though. I wanted everyone to see, even though they may already have, one of the benefits of the Credit Card Reform Act of 2009. It is this "Minimum Payment Warning" box on the right. It basically tells you how f*cked you are if you only pay the minimum payments each month. Its the only benefit I have seen so far because thanks to the reform act and the mandatory regulation of interest rates, mine was jack up from 17 to 24.5% percent before the law took effect. Even more a reason to pay more then the minimum payment each month. It's important for the credit card companies to put that information out there because most people (ahem, past me) donn't relaize what they are getting themself into by only paying the minimum payments.

On a brighter note, its Friday! A gloomy Friday, but Friday no less.