It’s a shame that the new rules were intended to be easier to read, offer more consumer protection, and generally simplify our lives. Too bad 80% of us can’t read the documents! According to this article and study, most agreements were written at a 12th grade level or above and the average consumer only reads at a 9th grade level. One such agreement boasts a whopping 20,799 words and written at a 14.5 grade reading level. By comparison the US Constitution contains only 4,018 words.
Anything this complicated is NOT good for consumers. Don’t accept agreements if you don’t fully understand them! In fact, just eliminate all credit cards completely!
Read the full article at: http://www.creditcards.com/credit-card-news/credit-card-agreement-readability-1282.php
