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Kara McGuire writes about all things related to personal finance. Follow our coupon clipping, retirement saving, bargain hunting, budget mama as she saves, spends and searches for ways to keep more money in her wallet – and yours.
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Billing disputes and interest rates top list of credit card complaints collected by new consumer watchdog
Posted by: Kara McGuire under Credit cards Updated: December 2, 2011 - 1:06 PM
The Consumer Financial Protection Bureau, a watchdog agency created in the wake of the financial crisis, collects consumer complaints on a variety of financial matters.
The agency just released a report on the consumer credit card complaints collected during three months this year.
Here is a breakdown of the top 10 areas of complaint:
- Billing disputes
- APR or interest rates
- ID theft, fraud, embezzlement
- Fees
- Closing or cancelling account
- Credit card payments
- Billing statements
- Collection practices
- Credit reporting
- Advertising and marketing
Of the 5,074 credit card complaints received, the bureau passed the vast majority along to the credit card issuer. Three out of four complaints were reported as either partially or fully resolved. Most consumers did not dispute the credit card issuer’s resolution.
To file a complaint with the bureau, visit: www.consumerfinance.gov
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