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Admit it! You haven't read your credit card agreement, have you?

By Paul Pival

Real Estate Agent with Coldwell Banker Bain 49381

March 18, 2011 06:33 AM

Admit it! You haven't read your credit card agreement, have you?

And no wonder! It's written to protect the credit card company, not you. The average credit card user in the U.S. reads at just below a ninth-grade level.

The average credit card agreement demands at least a college-level reading skill.

There's a reason there's such a high rate of credit card debt. You'll find this short video enlightening. And when you're finished, dig out your card agreement and try again.

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John Meussner

Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA

#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Good post, Paul. A lot more people should pay attention here. Credit card companies are out to get peoples money!

Mar 18, 2011 06:36 AM

Robin Dampier REALTOR®

Coldwell Banker King - Hendersonville, NC

Hendersonville & Western NC Real Estate Source

Unbelievable and a great post of Credit Card gobbledygook. I don't worry as I have 2 cash back credit cards and use them a lot, but, I never carry a balance and pay in full each billing. Actually I'm surprised they let me keep the cards which I've used for years and get money back from them.

Sue of Robin and Sue

Mar 18, 2011 06:55 AM

Eric Harlington

Guaranteed Rate NMLS# 2611 - Bellevue, WA

VP of Mortgage Lending

It is pretty sad when you need a lawyer to translate your credit card statements. Credit card companies should be required to walk their clients through the card agreement before the card is issued.

Mar 18, 2011 07:04 AM