[From an FT sidebar]
Millions of debt-addled households across the US are in for a dose of harsh reality when they open their February credit card statements (writes Suzanne kapner in New York).
For the first time card issuers are required by law to spell out how long it will take ot pay off a balance by making only the minimum payment.
The average American household has $10,000 in credit card debt. Assuming no new borrowings and an 18 per cent annual percentage rate, it would take 48 years to become debt-free just by paying the monthly minimum.
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Michael