NEW YORK (AP) - Credit card regulations are making it a little
easier to understand what interest and penalty rates banks charge.
But a study released Monday says card offers are still far more
complicated than a decade ago, which makes it harder for consumers
to comparison shop.
The complexity is due to more fees and multiple interest rates
for different types of balances, says the Center for Responsible
Lending. The average disclosure on card offers included 13 numbers
in 1999 and 33 numbers a decade later. Since new regulations kicked
in, the average dipped to 26 numbers.
That's still far more than an individual can process. Consumers
who are trying to compare offers can quickly reach information
overload if they compare different offers, the study says.
(Copyright 2010 by The Associated Press. All Rights Reserved.)