Matt Schulz, a senior industry analyst with CreditCards.com, discusses with Les Sinclair the complexity of credit card agreements. A new report from CreditCards.com finds most credit card agreements are beyond the reading ability of the average user. CreditCards.com looked at more than 2,000 current card agreements and found they were written, on average, at an 11th Grade reading level. But about half of consumers read at an 8th Grade level. Matt Schulz is a senior industry analyst with CreditCards.com. Schulz says unreadable contracts can hurt customers because they don’t know what they’re signing up for…especially interest rates, penalties, fees, and how to avoid them.
http://www.creditcards.com/credit-card-news/unreadable-card-agreements-study.php