by Mallory Megan

January brought us the new year of 2010. Many of you may have made a resolution to decrease the amount of debt that you owe. It is a good idea to use this year's first credit card bills to assess your debt and choose the best way to pay it off.

The Credit Card Accountability Responsibility and Disclosure Act of 2009 can aid you in accomplishing your resolution. This federal law restricts over the limit fees, puts a curb on marketing to adults younger than 21 and includes major changes in how issuers can impose interest rate increases.

One major change that will happen next month when the CARD Act takes effect is a mandate that credit card statements provide newer, clearer and timelier disclosures of the terms and accounts from before and after the account is closed.

And one specific feature is that statements should include details that caution consumers about the costs of making only the minimum payment. Keep this example in mind:

Someone has a $1,000 credit balance at a 17 percent annual percentage rate and pays only the minimum monthly payback which is $15. It could take more than 17 years to pay off the debt. And the total payback will be $3,082.

And if that person paid $5 more a month, it could take just a little over seven years to pay back the debt at a cost of $1,750.

Additionally, the credit card law requires that statements display the monthly payment that is required to pay off the existing balance in 36 months, and the statement will also show the total cost of payments and interest.

If you are able to make your minimum payment, with an additional 20 percent of that minimum each month, most likely you will pay off your debt in three to five years without outside help. The CARD act is expected to bring about many changes and is considered a landmark law.