We are preparing
to release some of the data for our international study of credit card statements. I was asked by our publicist, what were the main consequences of our findings for consumers. I Thought you might find my reply interesting.
The consequences for consumers are frightening. It means that when you buy your plasma screen, with the intention of paying it off over time, it’s going to be hard for you to find how much to pay, when you have to pay by each month, how long it’s going to take you to pay it off, how much extra it’s going to cost you in interest payments, and what happens if you miss a payment.
These were the tasks we set people to perform in the study. Using many of the statements, these tasks are either difficult or impossible to perform.