Most can’t understand credit card statements

In a recent study by the Communications Research Institute, just 14 per cent of participants could decipher a credit card statement and work out how to avoid paying interest on purchases.

Only 29 per cent could find and explain interest that had been charged on the purchases listed on the statements. The only tasks were successfully completed by most participants were identifying the cardholder, account number and credit card company.

The Institute said that it was not the participants’ fault that they could understand the statements because banks make little or no effort to ensure that their communications with credit card customers are easily understandable.

Source: Sydney Morning Herald