Every Tuesday, Smithee presents an article about his own experiences with credit cards and observations about the credit card industry.
Back in mid-December we told you about some of the changes that would soon be enforced on credit card issuers, my favorite of which is a new layout and design to the statements so that they’d be easier to read.
Firstcoastnews.com has a video in the sidebar for this story that has a few brief looks at a prototype of how the new statements could look. From what I could see in the video, I don’t think the redesign goes far enough. At the very least, I’d like to see the balance be twice as large as the rest of the text. I’d make the previous cycle’s interest charges bold and red and I’d include an amortization chart of how long it would take to pay off the balance if every future payment was the same as the previous one.
A man can dream, can’t he?
Card issuers have until July 2010 to put all of these changes in effect, but undoubtedly some will get around to it sooner than others. Have you seen a redesigned statement already? Do you think it’s all nonsense to do this in the first place?
Updated January 15, 2009 and originally published January 13, 2009. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.