U.S. credit card agreements unreadable to 4 out of 5 adults

U.S. credit card agreements unreadable to 4 out of 5 adults

www.creditcards.com

Credit card agreements are written on average at a 12th grade reading level, making them not understandable to four out of five adults, according to a CreditCards.com analysis of all the agreements offered by major card issuers in the United States.

The average American adult reads at a ninth-grade level and readability experts recommend important information -- such as credit card agreements -- be written at that level. Only one in five adults reads above a 12th-grade level.

(visit the link for the full news article)

It is very obvious from reading these agreements that they are written to purposefully confuse people. The language is obtuse, the writing is clearly vague and absolutely done on purpose, that purpose obviously being that they desire folks to enter into these contracts unaware of the terms and conditions.

The consumer is then confronted with a situation where his fees go up, limits are reduced and his credit gets hammered. Now that his credit has been hammered by violating the terms of the agreement he could not understand in the first place, he can't get another card.

Now, it is 100 percent the fault of the person who misuses credit and people should be using credit very wisely, if not at all. That being said, having these hatchet men look to willfully decieve millions of people is outrageous.

That most folks can only read at a 9th grade level is yet another issue.

www.creditcards.com
(visit the link for the full news article)

I take it this doesn't mean the teeny tiny font size, which I sure as hell can't read without a magnifying glass

Doesn't matter in particular that it's credit card companies but I understand the concern when it does come to credit. It seems as if they make it intentionally hard to understand.

Overall, it's just the typical legalese that we run into everywhere and that most people don't understand unless they're an attorney themselves or take an inordinate amount of time to research and study.

Gobblydeegook legalese is what they use to hide things from you. The government does this as well in their bills. Guess that's understandable seeing as there are so many attorneys in Congress and among the lobbyists and think tanks that write their bills for them.

I am all FOR simplifying the language in contracts and legislation across the board. Thing is the attorney lobby would never let it fly, because then we might not need them anymore.

The real issues with CC terms are ...

1) Nobody reads them, whether they can understand them or not. People do not read most things they sign when they are presented to them by someone of "authority" like a large company.

2) In the agreement is the reserved right by the bank to change the agreement whenever they want.

3) The terms of the agreement are non-negotiable. Basically, you sign it or you don't get a CC.

I think the more sickening aspect of this is the fact that the average American reads at a 9th grade level. Anyone disgusted by this?

On a different note, these agreements are one of the main reasons I don't have a credit card. If you really read into them you realize just how much you're being hosed. Not to mention I have yet to find a single instance where I would need a credit card, but I haven't gone out of my way to look for one either.

reply to post by Hypntick

Not so shocking to see that 80% of US citizen have the mind of a 14 year old looking at what the government can get away with...

I only wonder if educational institutions are the root cause or the fact that the country was populated with Europeans that couldn't make it in Europe (bad DNA). Aside from a few smart entrepreneurs most of these immigrants had to be stupid to begin with. Later of course the lower class of other 2nd/3rd world countries got added to the population.

If you don't understand it, don't sign it. What ever happened to personal responsibility?

I think it is hilarious that the Government is concerned about this. Anybody try to read any legislation lately?

Originally posted by no special characters
reply to post by Hypntick

 

I only wonder if educational institutions are the root cause or the fact that the country was populated with Europeans that couldn't make it in Europe (bad DNA). Aside from a few smart entrepreneurs most of these immigrants had to be stupid to begin with. Later of course the lower class of other 2nd/3rd world countries got added to the population.

My money is on the educational system. Look at what happened in Berkley, California. Black and Hispanic students had lower scores in the Sciences than White and Aisian students. Their solution was to get rid of Science classes.

80% of Americans have the reading ability of a 14 year old?

So, what happens? You leave school and then forget how to read? No wonder the USA is in such a mess.

Mind, I doubt it's much better in the UK .....

reply to post by Essan


No, you don't forget how to read. You were never taught how to read. When I went to school there was a level of expectation. You were required to work to bring yourself up to that level. Now if too many students are performing below the expected level, the level is brought down to them.

Several years ago I taught technical classes at a local Community College. When I turned my final grades in, I was told that I had too many "D" and failing students. I was told to revise my grade scale so that nobody had anything below a "C". I refused and said that I stood by the grades I gave. After I left, the Dean of the Department changed the grades and I was not invited back to teach the following simester. I didn't find out about this, until I interviewed a former student who was applying for a job at the company I work for. They included their transcript with their resume and I saw that I had given the person a "B". On the sheet that I turned in to the Dean, that person had gotten a "D".

Here is something to consider. By law you are not allowed to make a difference between a High School Diploma and a GED. A GED is based on an 8th grade education. So if there is no difference between the two, why are we requiring four additional years of school?