Creditors will love you if you pay just the minimum payment on your credit card every month. The compounding interest on your balance will make them rich. The CREDIT CARD ACT established new rules for lenders. Borrowers must be made aware of the length of time it will take to pay off debts given the terms of the loan. This information is included on every credit card statement. Review your monthly expenses and reduce them where you can. Create a budget that includes putting an extra amount of money in with your credit card payment every month. Make a commitment and stick to your plan!