This month’s CFPB complaint snapshot spotlights credit card complaints and takes an in-depth look at the Chicago metro area. Consumers’ most frequent credit card-related complaints were about incurring late fees and credit reporting problems due to confusing payment processing schedules and difficulty disputing bill inaccuracies. Consumers also complained about accounts being closed without the consumers’ consent.
According to the report, credit cards are used by more than half of adult consumers in the United States. At the beginning of 2015, U.S. Consumers carried more than $700 billion in credit card debt. From when the CFPB started taking credit card complaints on July 11, 2011 to October 1, 2015, the Bureau had handled approximately 79,500 credit card-related complaints.
Read the report.