Personal Finance 24 May 2007 10:29 am

Fed Wants Ease Credit Card Confusion

by Sean Hackbarth

Ben Bernanke Pop Art

Ben Bernanke’s Federal Reserve wants to make credit card statements easier to understand and give consumers more time before their terms are changed:

To help, the Fed’s proposal would call for a table summarizing the changes to appear on the statement above the list of the consumers’ transactions. That’s where people are most likely to notice the changes, the Fed said.

From solicitations to monthly statements, the Fed’s proposal would require key information appear in larger print, with rates and fees in an easier-to-see boldface. The proposal also aims to make language easier for people to understand.

“The purpose is to avoid those ‘gotcha’ moments,” said Fed Governor Kevin Warsh.

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