This month’s CFPB complaint snapshot highlighted complaints about credit cards. Consumers frequently complained about perceived unfairness in credit decisions regarding the initial application and interest rate charged. Consumers also complained about how payments are applied to accounts that have more than one balance, inadequately disclosed fees and misleading rewards programs.
Credit cards are currently used by more than half of adult consumers in the U.S., the bureau reports. As of July 1, 2016, the CFPB has handled roughly 97,100 credit card-related complaints. The report also took an in-depth look at Washington and the Seattle metro area.
Read the report.