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Cardholders Ignorant of Contract Terms Michelle Singletary, Personal Finance Columnist for the Washington Post challenged readers in a column Sunday, October 15 to find out the terms of their credit card agreements and to understand the financial significance of those terms. Today more than 691 million credit cards have been issued to U.S. consumers with an estimated $1.8 trillion of purchases per year going on the "plastic" in 2005. However, a recent report by the Government Accountability Office concluded that even though card use is more widespread than ever, few consumers know the terms of their card ownership. According to the report, "Although issuers must disclose information intended to help consumers compare card costs, disclosures by the largest issuers have various weaknesses that reduced consumers' ability to use and understand them." Chief on the list of these weaknesses, according to Singletary, is tiny typefaces that make the agreements difficult if not impossible to read used in concert with lengthy and dif ficult language - too difficult for the 50 percent of adult Americans who read at or below the eighth grade level. This situation results in consumers who are inadequately informed. Many, for instance, do not know that the same card may carry as many as three different interest rates for various transactions nor do they realize that late payments may result in higher interest rates. Of the 28 most popular cards, 22 charge fees for exceeding the spending limit but all with different methods of assessing the penalty. The full text of Singletary's column can be found at washingtonpost.com. |
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