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Released: December 01, 2011
Consumer agency logs 5,000 credit card complaints
Source: Jim Puzzanghera, L.A.Times (Free Registration)
In its first three months of operation, the Consumer Financial Protection Bureau got more than 5,000 complaints about credit cards, the federal agency said in a report.
“When consumers contact us, we get a snapshot of how the consumer finance markets are working,” said Raj Date, the special Treasury Department advisor who is running the bureau until the Senate confirms a director.
“Many complaints show consumers struggling to understand the terms of credit cards and associated products like debt protection services,” the report said. “These complaints show a mismatch between consumer expectations and the way the product functions.”
Read Full Article: Consumer agency logs 5,000 credit card complaints
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