Credit card contracts were written by bank lawyers to benefit the bank. They are long, confusing, fine print documents that lock you into terms that can sometimes bite back later.
It is time for simple, clear and short card contracts with improved protections for consumers.
Your contract should tell you in straightforward language (and in a type size that people can actually read) exactly how much you will pay in fees and charges, what can cause your rate on future purchases to change, and what penalty fees you might face.
Your Senators will soon be asked to approve the Director of the new Consumer Financial Protection Bureau. Tell them to make clear credit card contracts a top priority for the new agency and its new leadership.
Subject: Stop deceptive credit card contracts!
Dear [Decision Maker],
As you consider approving the leadership for the Consumer Financial Protection Bureau, make sure clear, short, direct credit card contracts are a top priority.
The CARD Act gave us all some new protections against unfair rate increases, but card contracts are full of small print pitfalls and legalese designed to protect the bank and limit my rights.
[Your personal comments will be added here.]
As millions of Americans try to pay down their credit card debt, the card banks should be required to give people a simple, clear and fair contract. It is harder to make good choices if the contract is long and confusing.
People can't get their finances under control if the banks can turn credit card debt into a high interest nightmare fraught with contract traps and hidden fees.
