Minimum payment is a really bad idea

I have a credit card that I intend to finally get paid off this year. (Long story of stupid overspending.) I don't generally look at the statement, since I pay on line, and considerably more than the minimum. But today it came (they won't stop sending them in the mail so I just gave up trying) and for no particular reason I did look at it.

O. My. God.

I guess it must be part of new legislation or something, because I don't ever remember seeing anything like this before. At the top is a Payment Information table, which includes this information:


Minimum Payment Warning If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example:

If you make no additional charges using this card and each month you pay	You will pay off the balance shown on this statement in about	And you will end up paying an estimated total of
Only the minimum payment	24 years	$11,387.79
$170.99 (which is $32 more than the minimum -me)	36 months	$6,155.64 (Savings = $7,232.15)

Everyone tells you minimum payment is a bad idea, but this is pretty dramatic. I'm having a hard time believing the credit card companies are doing this on their own, so whatever made them do it, it's a really Good Thing ™