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  • Mixed blessing: credit card reform may shock some

    02/21/2010 2:42:59 PM PST · by danielmryan · 21 replies · 1,078+ views
    Yahoo! Finance News / AP ^ | February 21, 2010 | Eileen Aj Connelly
    NEW YORK (AP) -- Your next credit card statement is going to contain an ugly truth: how much that card really costs to use. Now, thanks to a long-awaited law that goes into effect Monday, you'll know that if you pay the minimum on a $3,000 balance with a 14 percent interest rate, it could take you 10 years to pay off. "Jaws will drop," said David Robertson, publisher of The Nilson Report, a newsletter that tracks the industry. "I don't doubt for a nanosecond that it's going to give a lot of people a sinking feeling in their stomachs."...