There is a lot of confusion out there with all the different credit cards available. The Fed is working to help clear up some of this confusion…
“The goal of the proposed revisions is to make sure that consumers get key information about credit card terms in a clear and conspicuous format and at a time when it would be most useful to them,” Fed Chairman Ben Bernanke said Wednesday. “Greater clarity in credit disclosures allows consumers to make more informed credit decisions and enhances competition among credit card issuers.”
People now often have to wade through tiny print and dense language to get information about the terms of their credit card. When terms — including rates and fees — are changed, that can be on a separate piece of paper accompanying the monthly statement. Those separate inserts aren't always looked at, the Fed says.
To help, the Fed's proposal would call for a table summarizing the changes to appear on the statement above the list of the consumers' transactions. That's where people are most likely to notice the changes, the Fed says.
From solicitations to monthly statements, the Fed's proposal would require key information appear in larger print, with rates and fees in an easier-to-see boldface. The proposal also aims to make language easier for people to understand.
To learn more about the changes being considered, read the complete article below from USA Today:
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