Trying to pay off your credit card balances is tough enough, but then add on the fact that most Americans can’t even read their statements, and you have a recipe for disaster. With the new bankruptcy laws that have passed, creditors now have an obligation to you to inform you of basic good sense. One of these is the paying of your monthly bill. They now have to let you know the danger of only paying your monthly bill instead of paying off larger amounts to get you out of debt.
For some lawmakers that just isn’t enough, and they are not alone. Several consumer groups feel that the credit card companies owe their clients just a little more. They want the bill to be made much clearer for the Average Joe to be able to read. In fact, they want custom-tailored statements for each cardholder – so that they can see exactly what they are supposed to be paying and what they owe. The Government Accountability Office supports that argument and found that most consumers are confused when it comes to their bill. They found:
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57% surveyed would prefer customized statements.
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68% would find them “very useful”
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Many respondents said having a monthly “snapshot” would help with their budgets
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57% said they would not use a phone service that they could call and get their exact balance, although they would use a customized statement.
In order to implement these changes however, the credit card companies complain that this would cost them anywhere from $9 million to $57 million. Consumer advocates claim this is a small price to pay for the debt they collect. ■
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