With millions of Americans still dealing with credit card debt on accounts they may not fully understand, the new federal bureau is asking for the public's help in shaping a new document to help clarify many aspects of a lending agreement.
The federal Consumer Financial Protection Bureau is seeking public comment on its new proposed credit card lending agreement, which is designed to clarify some parts of a deal by listing the terms in simple language and larger print, according to a report from ABC News. Americans can visit the CFPB's website, view the document as proposed and enter their suggestions at the bottom of the page.
The proposed document cuts the number of words in a credit card agreement from the current average of about 5,000 to a little more than 1,000, the report said. However, once finalized, the document will not be mandatory for lenders to use, which may cause its adoption to be slow at first.
Experts believe that the CFPB's efforts will eventually lead to clearer agreements between lenders and consumers for all financial products, though the agency is currently focusing on credit cards and mortgages.