Elizabeth Warren, the new head in the docket of Consumer Financial Protection Bureau, has vowed that she is going to limit the confusing language in the realm of credit cards, singly out the obscure provisions that could just make consumers to go for more credit card debt due to late fees as well as other additional penalties.

Warren said it would stop as fast as possible, as reported by Fox Business, weeks after she had been appointment to the position by President Barack Obama. She was speaking before guests and 400 financial Service Roundtable members in Washington D.C, promising swift action.

She was reported as urging banks to try to adopt novel approaches to issues of credit contracts. Warren has also hinted she might be persuaded to make sure the regulation has been lightened in case lenders would work together with her office, and that their first new principle would be “fair treatment for customers.”

If at all, Warren’s proposal is followed to the letter, contracts would then spell clearly all the interest rates that come with credit card debt, as well as the penalties, rewards or gifts that might come with any of the card together with any more terms that might apply. The changes are made to make sure consumers will understand better all the agreements before they have entered into them, as well as what would arise after they have breached their contracts.

The new Consumer Financial Protection Bureau boss, a professor in Harvard Law School has been a very outspoken critic for a long time on lending practice, while her appointment is something the banking industry had heavily lobbied against.

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