The passing of the Credit Card Act of 2009 was prompted by a number of credit card grievances expressed by card
holders across the nation.
A lot of these credit card grievances stem from vague terms and conditions that credit card companies impose. Since
no government agency regulates them, they feel free to do as they please in order to collect as high fees as
possible from their clients.
The top credit card grievances according to consumer protection groups and bureaus include extremely high interest
rates, over-the-limit charges, and late payment fees. Most credit card grievances that are filed are usually
because of the aforementioned causes. A lot of clients find themselves paying for mounted late payment fees for
reasons that they do not comprehend. They know that they pay on time but credit card companies still find ways to
charge them with late fees. Clients also complain about over-the-limit and other charges that they are “pushed”
into. Credit card companies usually receive complaints on charges that are imposed due to or on top of other
charges. Perhaps the one that tops the list among these credit card grievances is staggering interest rates. Most
complaints are about rates that become higher than what is advertised or expressed in contracts. Unethical as these
may be, a lot of credit card grievances are still dropped because credit card companies find ways to finagle
out of them.
How do customers deal with credit card grievances? Who do they approach to let their voices be heard and let other
consumers learn about these unjust practices? Credit card experts suggest the attorney general, the Federal Trade
Commission, and the Better Business Bureau. Every state has an attorney general that consumers can contact for
their credit card grievances. Most of them have websites that receive online complaints. When enough credit card
grievances are filed against a company, the attorney general starts an investigation. The Federal Trade Commission
also receives all types of consumer complaints, including credit card grievances, being the country’s primary
consumer protection agency. However, they do not resolve any of these grievances. They simply record the complaint
into an online database that is seen by numerous authorities worldwide. The Better Business Bureau (BBB), on the
other hand, helps the client walk further with their type of investigation. The BBB usually launches negotiations
between both parties. Credit card companies who do not want disappointing records with the BBB will agree to almost
anything to uphold the company’s image.
Many of us have experienced unfair practices of credit card companies. There is never a solution in silence.
All credit card grievances can only be resolved when they reach proper authorities who have the power to
do something about them.
Source: Credit Cards For People With Bad Credit Rating
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