Consumer bureau calls for simpler credit card language

Consumers who compare credit card offers have long complained about the overly complicated language used by lenders in disclosure agreements. However, these consumers may be getting some help from the government, as politicians are increasingly calling for simpler language on credit card applications.

On Thursday, Elizabeth Warren, the newly appointed head of the Consumer Financial Protection Bureau, voiced her concern over the language used by lenders. In her speech to the Consumer Federation of America, Warren suggested the Credit Card Accountability, Responsibility and Disclosure Act of 2009 may not have gone far enough.

“It is this simple: No customer should be asked to take out a loan without knowing the costs or the risks of the deal,” she said. “And every customer should be able to compare different financial products straight up.”

Warren voiced a disdain for the many lawmakers trying to overturn the legislation, the news source says. She also took aim at specific company practices, saying the reform of the mortgage and credit card industry would be a top priority. – Dailyrosetta.com

Tags: Credit cards

Posted by FinanceAZ on Apr 6 2011. Filed under Credit cards. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry