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Credit card statements have also undergone significant changes, andnow contain a ‘Payment Information’ box designed to help consumersunderstand the true costs of leveraging credit. This box uses the actualbalance at the end of the billing cycle to calculate three factors: how longit will take to pay off the balance if you elect to only make the minimumpayment; how much you must pay monthly to pay off the entire balancein three years; and the amount of savings between those two calculations.The average American consumer hasa ninth-grade reading level, but thefine print of credit card agreements iswritten at a twelfth-grade level.Studying and comparing the Payment Information boxes of differentaccounts can help consumers understand which cards are costing themmore money, and might help determine if consolidating balances or accountswould be helpful or detrimental to your financial health.Reading the fine print won’t always be a dreaded task, and doing soalso alerts consumers to the benefits of being a loyal and responsible cardcarrier. Rewards programs, rebates and other information are also disclosedin the fine print. ■Sources for this article are credit.com, pacificservice.org andmoneyinsight.net.HERLIFEnewyork.com 39