Disclosure Statements Written at “27th-Grade Level”
By Joseph S. Enoch
ConsumerAffairs.Com Congressional Correspondent
March 7, 2007
In what played out as a good versus evil scenario, Senators and consumer advocates battled with three of the most powerful men in the credit card industry at a Capitol Hill hearing today.
Throughout the hearing, the crowd that packed the room occasionally burst into laughter at the seemingly absurd credit card terms and the lack of direct answers from the bank executives.
One of the issues spotlighted was the incomprehensible credit card terms and conditions. The crowd could not hold in the laughter as Levin took about 60 seconds to read a Bank of America billing statement out loud.
