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23/07/2010 -
Credit card customers have no problems using point-of-sale terminals, but when it comes to reading their account paperwork, that is a whole other issue.A CreditCards.com analysis has found that the average U.S. credit card agreement is written on a 12th-grade reading level, restricting consumer understanding to roughly one-fifth of adults.
Because the average American reads at a ninth-grade level, consumers are unable to stay current with changes in terms and rules, often resulting in unexpected fees, the site reports. Experts have suggested that agreements also be written at this level to increase transparency and fairness.
"Consumers need to ask questions," Erica Jackson, director of the Center for Financial and Consumer Outreach at Penn State, Erie, told the site. "If you don't understand what is included in your documentation, be proactive, make sure that [consumers] call and get the answers that they need."
Last year, Bank of America took steps to empower consumers by launching the Credit Card Clarity Commitment. While the paperwork does not serve as a substitute for traditional credit card agreements, it offers a clearer, more succinct summary of fees, interest rates and other rules.
