Although consumers have scaled back their credit card balances in recent years, likely in response to tightened financial conditions, many hold on to a number of complaints regarding banks and card issuers.
The Consumer Financial Protection Bureau released a report this week claiming billing disputes top the list of consumer complaints related to credit cards, accounting for 13.4 percent of those received by the CFPB. Interest or annual percentage rates accumulated 11 percent of complaints, followed by identity theft, fraud or embezzlement with 10.8 percent. Main Street reports that the CFPB also found consumers are frequently confused about the terms and conditions in their credit card contracts. Debt protection services also elicit much confusion, underscoring the importance of consumer credit risk management
policies. More importantly, though, the CFPB noted that most card issuers were willing to work with customers to resolve issues. "We will continue to work with consumers, credit card companies, government agencies and others to improve consumer education and ensure CFPB's regulation, supervision and enforcement efforts are effective," Raj Date, special adviser to the secretary of the Treasury at the CFPB, said in a statement.