The GAO (General Accounting Office) has issued a report on excessive credit card fees and credit dislosure practices.

The report finds that the disclosure statements are still nearly incomprehensible to the average consumer. Penalty fees have more than doubled in the last ten years. Also of concern were hidden fees and transaction fees, such as those for making a payment by phone.

As I cautioned in an earlier post you need to read the fine print on your disclosure statement. The disturbing news is that these statements are purposely written above the average reading level of the intended consumers.

Read more at Consumer News Service.