U.S lawmakers are tightening their noose around credit card companies and as a result the companies are stating that they are improving their task of explaining fees and charges to the consumers which they were not doing it earlier. The normal trend is that credit card companies tend to fox their customers by either writing them in a smaller font at a page which cannot be read easily or they did not state the terms and conditions clearly to the customers. Due to this the customer had to suffer on various occasions.
The lawmakers are now making an effort to simplify and shorten the disclosure language and are focusing on the relevant terms and conditions. It is expected that legislation would be framed which would force the credit card companies to bring their abusive practices to an end and even seek the approval of regulators while improving the disclosure rules.
Via reuters
