Can't Read the Fine Print From Your Credit Card Companies
Does anybody read the fine print from the credit card companies? Isn't that why they call it fine print? It's too small to read without a magnifying glass or some kind of super powered eyeballs? A government entity (GAO) just put out a 114 page report that basically says the credit card companies use typefaces that are too small for many people to read. The article from the Chicago Tribune didn't say whether they can actually do anything about it, but it took 114 pages to explain that the font is too small. I could have told you that in 5 words...oh, the beauty of our tax dollars at work.
Here's an excerpt from the article:
The U.S. Government Accountability Office looked at credit card fine print and found that, for some, the reading is difficult.
The GAO, in a new study, said that according to a review of the fine print by a 'usability expert,' disclosures from the largest credit card issuers were often written well above the eighth-grade level at which about half of U.S. adults read.
'Contrary to usability and readability best practices, the disclosures buried important information in text, failed to group and label related material, and used small typefaces,' the 114-page report found.
The report also looked at how much interest consumers pay on credit cards.
It said about 80 percent of credit card accounts from the top six issuers were charged interest rates of less than 20 percent in 2005, with more than 40 percent having rates below 15 percent, a new study shows.
Article from Chicago Tribune
Here's an excerpt from the article:
The U.S. Government Accountability Office looked at credit card fine print and found that, for some, the reading is difficult.
The GAO, in a new study, said that according to a review of the fine print by a 'usability expert,' disclosures from the largest credit card issuers were often written well above the eighth-grade level at which about half of U.S. adults read.
'Contrary to usability and readability best practices, the disclosures buried important information in text, failed to group and label related material, and used small typefaces,' the 114-page report found.
The report also looked at how much interest consumers pay on credit cards.
It said about 80 percent of credit card accounts from the top six issuers were charged interest rates of less than 20 percent in 2005, with more than 40 percent having rates below 15 percent, a new study shows.
Article from Chicago Tribune
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