Finance Thought Leader Joetta Forsyth Featured in WalletHub

Dr. Joetta Forsyth offered her expertise to WalletHub on WebBank and why the organization named their Petal 1 Visa and Petal 2 Visa with similar names. In addition, Forsyth shares her insight on the potential impact financial product names have on consumers. “I will give a general caution about financial products with very similar names. Imagine two financial products that appear very similar at first glance. One has good terms for the borrower, but the other has very bad terms for the borrower. Someone who used the first financial product may recommend it to a friend. The friend qualifies for the good financial product but mistakenly takes out the bad one. This will give a windfall to the lender, who may be the same lender or a different lender, and will harm the friend. Another possibility is that a switch occurs. The borrower looks up the terms for the good financial product but doesn't notice when they sign that they have taken out the bad one because the names are similar. The borrower may even notice, but assume the terms are similar because the names are similar. Be sure to read the terms for financial products carefully, and keep this issue in mind,” said Forsyth.

The full article can be viewed here.