Consumer groups say the best way to learn about financial products is at the library.

WASHINGTON - A new survey shows consumers are hungry for more information about banking services and other products, but the consumer groups that sponsored it aren't seeking new laws or regulations to help them.

Instead, the Consumer Federation of America and the American Association of Retired Persons have proposed a plan that won't cost banks or taxpayers a dime: They want consumers to begin visiting their local libraries.

"We want to motivate consumers," said Stephen Brobek, executive director of the Consumer Federation of America. "Disclosures aren't any good al all if consumers don't realize they exist."

The two consumer groups commissioned Opinion Research Corp. to survey more than 1,000 consumers. They found that most Americans have a strong desire for independent information about the products they buy.

They are particularly interested in receiving information about high-ticket items: cars, housing, and various types of insurance, according to the survey.

Information about investments was important to 79% of the survey sample, ranking it fourth on a list of 27 products.

Other Financial Products

Also cited by large majorities were: mortgage loans (75%), mortgage refinancings (73%), car loans (68%), and home equity loans (68%).

Sixty-three percent of the sample said they wanted more information about savings accounts, and 62% said they want information about checking accounts. And 60% said they want independent information about credit cards.

The survey suggests that consumer educators should reassess their priorities and target information to the areas consumers are most concerned about, the two groups said at a press conference Tuesday.

"For example, young adults desire more information about financial services and cars, while older consumers want independent information about health-related products," said James M. Thompson, program director for AARP.

Consumers should recognize that all the information they need is available at the public library Mr. Brobek said.

Still, without an expert it! guide individuals through the maze of information already available about consumer products the average person could easily become lost.

"There are over 100 sources of information available about credit cards," Mr. Brobek said.

"The problem is that some are better than others, and some of the better ones aren't available to the general public," he added.

Praise for Banks

Joe Belew, president of the Consumer Bankers Association, said banks do a better job of providing information about their services than the sellers of other products on the consumer groups' list.

"Banks probably beat everybody else on that list, hands down," he said.

In fact, he said, banks may provide more product information than consumers can use.

"People are overburdened with information," he said.

Still, Mr. Belew said he was pleased that the consumer groups weren't using the survey as a basis to seek additional reporting requirements on banks.

Government's Role

That's not to say the Consumer Federation isn't interested in more disclosures, particularly in the financial services arena.

"Clearly the federal government has an essential role to play in ensuring that consumers have adequate information about products by requiring timely and useful disclosures," Mr. Brobek said.

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