Law Offices of Richard A. Check

New credit card rules are going into effect soon, and because of this, you've probably been receiving some notices from your credit card issuer with a lot of fine print and legalese. As of February 22, your credit card statement will start to contain new information as required by the federal Credit Card, Accountability, Responsibility and Disclosure Act of 2009. One key change mandated by law: credit card statements will now show how long it will take to pay off your balance if you only make the minimum payment each month. The goal of this new disclosure requirement is to encourage consumers--if they can--to make larger payments to bring down their credit card debt faster before the interest gets totally out of hand.

A National Foundation for Credit Counseling official calls this a potential game changer for consumers, according to the Milwaukee Journal Sentinel: "We are extremely hopeful that seeing your financial situation staring you in the black and white will move people into action. A lot of folks bury their head in the sand and don't face the financial facts."

Taking action may mean obtaining Wisconsin bankruptcy information from a qualified legal practitioner. If you are able to pay off your balance in full each month, you're in great shape. But if you're running a large credit card balance and only have the ability to make minimum payments, it may take until the next Ice Age before the account is paid up. This may be a signal to review your financial situation with a debt consolidation lawyer. If your back is up against the wall in connection with credit card debt or other obligations, a consumer bankruptcy in Milwaukee or elsewhere in Wisconsin may be worth considering. A Chapter 7 individual bankruptcy in Wisconsin can be one way to discharge your unsecured debt and start fresh.