Released: June 04, 2007

Writing isn’t card issuers’ strong suit

Source: Shannon Buggs, Houston Chronicle

Federal Reserve Governors, experts in the florid phrase of many meanings, want credit card issuers to do what they, themselves, seem incapable of — write clearly.

The central bankers voted late last month to seek public comment on how to make credit card disclosure statements easier to read and understand. It’s about time.

The printed rules for repaying credit card loans are a patois of legalese, financial jargon and English that only lawyers and bankers understand.

Here’s just some of what the Government Accountability Office, the investigative arm of Congress, found in a survey of some disclosure statements:

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