When you were referring to credit cards, I was reminded that, in 1980, a credit card application was one page long, about 700 words. Today, a credit card application--and, indeed, a contract--is closer to 30 pages. Imagine if senior citizens were trying to wend their way through 30 pages of legalese and knew precisely what they were getting. Isn't it true that the Consumer Financial Protection Agency is going to simplify that process for seniors and for all Americans?
The speaker discusses the complexity of credit card applications and the need for simplification for consumers.
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