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The problem with not signing anything you don't fully understand is that the corporate entity you're dealing with has dedicated lawyers on hand to draft and rev

The problem with not signing anything you don't fully understand is that the corporate entity you're dealing with has dedicated lawyers on hand to draft and revise these things. I'm one guy who's trying to live life. I'm not a lawyer, and I don't have the time to decipher every EULA, every contract, every service agreement, and all the rest of the fine print that we wade through. Personally I try to hit the high points of standardized contracts but at some point you have to operate on trust. If some entity wants to screw you over, it can be done over subtle things.

netcan 18y ago
I agree that contracts need to be written in a way that allows anyone aged 14+ to 'get it' in 2 minutes. But the problem here isn't information. People have that, one way or another. The problem is bad choices, starting with the choice to make an uninformed decision. My girlfriend once worked at a bank. They had a credit cards brochure with a comparison table. 4 or 5 cards had gimmicks: miniature cards, points, miles, gold card (virtually no actual benefit), personalised card, internet purchase insurance (for those that reckon themselves rational). 1 card was the right choice. Lower fees, lower rates, lower penalties. It was grey & ugly & had no fun stuff. No one ever picked the right choice. Those too sophisticated (old) to be swayed by something as dumb as a miniature card or fun points would be swayed by something with a little more mature like exclusivity (gold) or miles. Those making a rational choice pick the extended no interest period or some obscure feature like online purchase insurance or travel insurance or something else they think saves them money. Now these were all the good cards you get at a bank: 16%-19% interest rates. The low interest card was around 11%. Absolutely economical compared to what you get a furniture store. The crucial info wasn't in the small print. It was in a big glossy table. There was a clear right choice for anyone that hasn't had a card & never paid interest or late fees in the last 5 years. It was the least popular option. *prime interest at that point was 7.5%. There is no problem making a decent credit card with no frills. People won't take it.
- smanek 18y ago
  As long as you don't carry a balance on your credit card, one of the other cards may very well have been the right choice. I personally chose an Amex card with better rewards, but higher interest, since I pay it off in full every month. You, or your girlfriend, don't know what's best for a particular customer's usage pattern.
  - netcan 18y ago
    No we don't. Not about the individual. But we do know that this was the correct choice for the majority. We also know that the majority didn't take it. So we know that the majority made a mistake. It doesn't take much of a lapse to void the benefits.

netcan 18y ago

I agree that contracts need to be written in a way that allows anyone aged 14+ to 'get it' in 2 minutes. But the problem here isn't information. People have that, one way or another. The problem is bad choices, starting with the choice to make an uninformed decision. My girlfriend once worked at a bank. They had a credit cards brochure with a comparison table. 4 or 5 cards had gimmicks: miniature cards, points, miles, gold card (virtually no actual benefit), personalised card, internet purchase insurance (for those that reckon themselves rational). 1 card was the right choice. Lower fees, lower rates, lower penalties. It was grey & ugly & had no fun stuff. No one ever picked the right choice. Those too sophisticated (old) to be swayed by something as dumb as a miniature card or fun points would be swayed by something with a little more mature like exclusivity (gold) or miles. Those making a rational choice pick the extended no interest period or some obscure feature like online purchase insurance or travel insurance or something else they think saves them money. Now these were all the good cards you get at a bank: 16%-19% interest rates. The low interest card was around 11%. Absolutely economical compared to what you get a furniture store. The crucial info wasn't in the small print. It was in a big glossy table. There was a clear right choice for anyone that hasn't had a card & never paid interest or late fees in the last 5 years. It was the least popular option. *prime interest at that point was 7.5%. There is no problem making a decent credit card with no frills. People won't take it.

smanek 18y ago
As long as you don't carry a balance on your credit card, one of the other cards may very well have been the right choice. I personally chose an Amex card with better rewards, but higher interest, since I pay it off in full every month. You, or your girlfriend, don't know what's best for a particular customer's usage pattern.
- netcan 18y ago
  No we don't. Not about the individual. But we do know that this was the correct choice for the majority. We also know that the majority didn't take it. So we know that the majority made a mistake. It doesn't take much of a lapse to void the benefits.