In 2011, the Consumer Financial Protection Bureau urged card issuers to make a credit card agreement easier for everyone to read and comprehend.
A CreditCards.com analysis found that companies have only dropped the complexity from a 12th grade to an 11th grade reading level, which is still too difficult for over half the population to understand.
“It takes a lot of time to really sit down and decipher exactly what they are stating,” said Graceworks credit and housing counselor, Lisa Roberts,”they need to simplify it a little bit more and it really should exactly state what they are meaning.”
To avoid unexpectedly high credit card payments, Roberts said, consumers need to examine the due date structure, the interest rate, annual fees, and any late fees.
Consumers can avoid any confusion or extra costs by paying the credit card bill completely every month and ahead of the due date.
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