“A lot of people think the math is wrong. They don’t realize it will take two decades to pay (the balance) off if they only pay the minimum,” said John Ulzheimer, president of consumer education for Credit.com in an article on Yahoo Finance. “That box was a clear win out of the CARD Act.”

That information may be quite a shock to many people, but it may push people into a greater awareness of their finances and how to manage them. You can get an even clearer financial picture if you combine this information from all of your credit cards.  Also look at the balance, interest rate, due date, and minimum payment for each card.

Once you can see the whole picture, you’ll probably want to start paying your cards down to avoid spending that extra amount on interest. Look at the option of paying off the card with the highest interest first. Can you transfer some of the balance to a card with a lower interest rate?  If so, be sure to look at what the balance transfer fee is and calculate that against the interest you’d be paying. If you come out ahead, go ahead and do it.

You might also want to look at paying off your lowest balance first. It will reduce the number of cards you have to keep track of, make you feel like you’re accomplishing something and allow you to put the amount of that payment toward a higher interest card.

If you find it overwhelming, or think it seems impossible to pay off what you owe, you might want to contact Mick Bernard a fully trained and certified credit expert. Trained counselors know the “loopholes” and hidden secrets to FICO and how to get further than dispute letters will get you. They know how to help you raise your credit score, and settle collections and debts.