Imagine a credit card agreement that's short, to the point and easy to understand. If one federal agency gets its way, what you're picturing could become a reality.
The Consumer Financial Protection Bureau launched a campaign aimed at simplifying credit card agreements Wednesday. The agency is asking the public for feedback on a more transparent credit card form that is broken down into three sections -- costs, changes and additional information -- and features information high up on fees, interest rates and other information.
The bureau will also be soliciting feedback through a pilot program that will offer the agreement to customers of the Pentagon Federal Credit Union.
"When a consumer has to read through pages of legal fine print in their credit card agreement to figure out how their card works -- it's easy to get confused," Raj Date, a special adviser to the Treasury said in a statement announcing the program. "With a short, simple, easy-to-understand credit card agreement, consumers can clearly see the terms of the deal and make the decisions that are right for them."
Read the entire article from The Huffington Post, including an early version of the CFPB's simplified credit card form: http://www.huffingtonpost.com/2011/12/07/credit-card-confusion-cfpb_n_1133955.html