Credit Cards and Mortgage Foreclosures a Common Consumer Issues, Says CFPB’s Fourth Complaint Snapshot
The Consumer Financial Protection Bureau has released its latest snapshot of consumer complaints, with the most common complaint being related to credit cards. Mortgages and foreclosures are also a major issue.
Some of the most common complaints about credit cards are late fees and inaccuracies on billing statements. As of 2015, U.S. consumers had more than $700 billion in credit card debt. The most complaints were made against Equifax, Experian, and Bank of America.
“Credit cards are an important financial tool for over half of the adults in this country,” said CFPB Director Richard Cordray. “It is important for consumers to be able to control how their payments are applied and to have clear information about their rights as cardholders. The Bureau will continue to work to protect people as they are using credit cards.”
Similarly, debt collection is also a major complaint. Culik Law has published a list of common defenses to debt collection.
Mortgages are the second most complained-about issue mentioned in the report. JPMorgan Chase was a major offender. Mortgage foreclosures continue to plague homeowners — even in our own state of Massachusetts — even though the economy has, to a large extent, recovered since the economic collapse of 2008 and 2009. And issues continue related to loan modification programs like the Home Affordable Modification Program (HAMP).
Culik Law also provides representation to Massachusetts homeowners to stop foreclosure. If you are facing mortgage issues including a possible foreclosure, we may be able to help.
The CFPB report is available here: CFPB Monthly Complaint Report Vol. 4