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Credit Cards

A box on my credit card bill says that I will pay off the balance in three years if I pay a certain amount. What does that mean? Do I have to pay that much? If I pay that much and make new purchases will I still owe nothing after three years?

Card issuers are required to let you know how long it will take you to pay off your current balance if you make no further charges and pay only the minimum amount due each month. They are also required to ...

Mortgages

What is forbearance?

Forbearance is a temporary reduction in or suspension of your mortgage payments. Your servicer may grant you forbearance if you recently lost your job or suffered from a disaster or from an illness or injury that increased your health care ...

Credit Cards

I transferred a balance at a zero percent rate and have been paying the minimum amount due each month. I made a purchase and was charged interest on the purchase. How can that be?

Card issuers have different rules about when they charge interest. For most issuers, if you carry a balance month to month, any purchases you make will accrue interest from the date of the transaction. This is true even if the ...

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