By showing the spouse how to read the statement, the Personal Financial Management Program (PFMP) staff member can help her see how many years it will take for her to pay off the current balance by paying only the minimum amount and how much it will cost her in interest. For a helpful fact sheet on this, refer to federalreserve.gov/creditcard/flash/readingyourbill.pdf. Advise the spouse to pay larger amounts on the card by trimming spending where possible. Even paying an additional $1 per day ($30 per month) will greatly decrease the amount owed over time.
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A spouse makes an appointment for help understanding her and her husband’s credit card statement. What assistance can a Personal Financial Management Program (PFMP) staff member provide?
Last Updated: December 18, 2012
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