Is it important to understand the contract? Nothing could be more important, because it’s your word and your bond. It makes you bound, not only to the bank contract and agreement, but every single “law” that governs the agreement.
The discussion provides education and knowledge about areas of your own personal financial life that are going to bring you to one conclusion. That conclusion will not only show you that “ignorance of the law/contract is no excuse”
Read this document, and understand that the industry is not set up to help you. If it were, banks wouldn’t charge you 23% on your credit card, and pay you 1.5% on your savings. We hope you can see the disconnect.