Consumers who want to avoid making serious missteps when it comes to dealing with their credit card debt and other types of credit would likely do well to take the time to read the fine print of their lending agreements.
Experts say that taking the time to read a lending agreement will give a consumer far more insight into the true cost of their account, and therefore those who might be struggling financially would likely benefit from taking the time to review their accounts in this way, according to a report from Bloomberg News. To that end, the federal Consumer Financial Protection Bureau has begun rolling out simplified lending agreements for a number of types of credit.
However, some note that these don't go far enough, the report said. For one thing, they're not mandatory, and in many cases, they also do not mandate the use of plain language, only a clearer disclosure of costs.
Consumers seeking debt relief may want to consider the importance of closely reading any new lending agreement they are about to enter into to make sure they fully understand what the true cost will be.