If you are like many Americans, you get the credit card statement, look at the minimum balance, and grudgingly send off the payment.
 
You haven't paid much attention to the fine print on the back showing your APR (Annual Percentage Rate). Nor have you done any real analysis on how long it might take to pay off the balance if you continued to make the minimum payment.
 
You no longer have the luxury.
 
According to Bill hardekopt, CEO of LowCards.com, credit-card users are being slammed ahead of new regulations that were supposed to help the consumer.
 
See the full article in the Salt Lake Tribune
 
Earlier this year, Congress passed the Credit Card Accountability, Responsibility and Disclosure Act (CARD). But many protections for consumers don't go into effect until February 22, 2010.
 
Hence, Hardekopf says credit card companies are "using this time to adjust their business models and are raising rates and fees on millions of consumers in order to be in a better financial position before the regulations begin."
 
In effect, credit-card payers are paying for retroactive increases for things they bought at yesterday's prices. So much for the bargain purchases you put on your credit card last year and haven't paid off.
 
And it's not just credit card interest rate increases.
 
Increasingly, consumers calling their card company are being told there is nothing they can do with new annual fees or higher fees for late payments, 
 
Credit-card payers are apparently recognizing the perils of buying on credit, and may be remembering their inability to pay off that large purchase even with "0% interest for six months",
 
More and more people are expected to pay for holiday gifts with cash or debit cards instead of credit cards.
 
That's wise. And so is paying attention to the fine print when you sign up for, or continue to owe on that credit card. Then take it a step further by seeing how long it will take you to pay off that card using Debt Calculators on this site.