CFPB Spotlights Consumers’ Credit Card Complaints
The Consumer Financial Protection Bureau (CFPB) recently released its Monthly Complaint Report for September. Each month, the agency highlights an emerging area of concern in consumer financial services and products. September’s Complaint Snapshot spotlighted credit card complaints submitted on the CFPB’s online consumer complaint database.
In the CFPB’s analysis, the agency found that consumers shared confusion over how late fees are assessed and experienced problems with billing statements. Many consumers also complained about accounts being closed without their consent. The agency collected close to 2,000 credit card complaints in September. Four companies accounted for nearly 60 percent of all credit card complaints submitted in that month. CFPB Director Richard Cordray commented in a press release, “Credit cards are an important financial tool for over half of the adults in this country. It is important for consumers to be able to control how their payments are applied and to have clear information about their rights as cardholders. The Bureau will continue to work to protect people as they are using credit cards.”
CFPB Press Release:
Monthly Complaint Report: