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New report shows consumers are fed up with -- credit cards complaints are up because of widespread.
That's according to the first public report issued by the Consumer Financial Protection Bureau -- remember those guys they were created under Dodd-Frank John Alzheimer is here he's the president.
Consumer education for -- -- credit dot com.
-- -- people confused about.
Man I gotta -- -- -- that looks like they're confused about the terms and interest rates of their credit card accounts which is just.
I had to let -- a deep breath when I read these results because -- my gosh people this is the biggest C.
The UN -- when he's a credit card -- the interest you pay a revolving balances the need don't even understand the interest rates come -- -- I I feel like.
Do we need an agency to -- -- -- stuff together for us I mean what is some point have really at the end of the day.
If you don't understand what's in your credit on your credit card bill don't -- just call a credit card company for clarification.
That it that is exactly right if you don't understand something needs to be your credit card -- you call a credit -- measuring just like all these complaints that they got -- -- -- got about 5000 -- -- -- only did a survey for the reminds what did they do it does they turn right around and send them back to the credit card issuers who -- their credit resolved about seven out of every stand.
Public complaints without any without any consumer follow up so it's an almost seems like.
They're really doing nothing more than acting like a switch sporting completing the consumer and communication with the credit card.
-- wonder what we're paying for that switchboard are let's look at that big complaints here billing disputes 13%.
Interest rate 11% -- complain about that all the time but they're not gonna give it to me bribery.
ID theft fraud 10% canceling account almost 5%.
The theme of the day you think the -- a better place because of the -- -- have things improved for consumers when it comes to their credit card.
Hi you know I I think I still give it a solid seam line outside just think that.
It an end and this is this really is almost insignificant surveyed -- the CF TV did kind of underscores what I've been complaining about for over a year which has.
That card act is a fantastic hypothesis -- the what's fantastic on Paper.
But in production in the real world it doesn't really do a whole lot because there's a certain segment of the population.
It is just gonna be confused always about their credit cards and are gonna complain about everything if they got a lottery -- They complain about the color of -- ink on it and they're just gonna complain about any of you simply can't help some of these these.
-- -- There's also this -- when you pass a lot about these things -- always unintended consequences.
So let's say your legislator you turn it -- close all of those loopholes would guess what those companies just find more of them.
But let's let's be real real honest about the some very clear the credit card issuers are two steps ahead on a -- and act and have been since it was being contemplated.
Look how profitable they are this is not hurting them as bad as we thought that they were gonna get -- and this is not hurting them as bad as they said they -- going to get out there who.
Who was hurting me and you ended viewers we are the ones who are funding admits act with fees and increase interest rates.
Okay now I'm angry now -- With -- like that at all but it looks like a little bit about the right way to complain.
To your card issuer -- you know I -- 800 number I ask for help.
You know I argue for May -- -- you know alleviating some kind of fears of -- what's the best way to approach these folks.
What it it really is just hitting him straight in the face of that want to be fair credit billing act.
Protects the consumers more than -- ever even now which is why I like credit -- better than data current -- right.
And it really all it takes for a lot of these disputes especially fraudulent related disputes.
It's a simple phone call and notice that they feel that there's something wrong when it comes to credit reporting disputes you're actually better off going to the credit here is because of how -- the law the fair credit reporting act.
-- to correct the consumer and how their obligations to Begin when you do that so really it's just a matter of picking up the phone and making a phone call I realize that sounds very simplistic.
But you have no idea how many of these rights don't kick in until you actually make that initial.
I'll call and a lot of consumers she is still quite do it but people who just contacted the CF PB were not protected by the same rights that they would have been protected under having contacted -- credit card -- directly.
You are kidding me are right so -- -- best advice here is really pick up opponent.
And call a credit card issuer.
I'm continuing to watch these banks his card issuers he's debit card issuers to see it you know -- where they're gonna change fees next.
Are you seeing anything at all out there I mean I wanna ask you this question every single time here on but we have a little time here so I'll ask again.
Yeah the rewards cards are becoming really really -- -- right now at but the problem is is that -- serving ten mask.
Kind of like this undercurrent of increased interest rates.
And at the end of the day you can charge -- -- -- that's a fee for that but really the big Kahuna for the issuer is in fact.
The interest -- in a Franken would allow 25 basis points on average.
Fifty basis points on average.
They are golden and they don't need to worry about taking off consumers by adding five bucks to data cards three dollars to ATMs -- dollar for Paper statements they don't need to worry about charging people for stop it's gonna make them angry just hit me with a 25 basis point increase in my interest -- I can control.
All that I cannot avoid it right by paying your bill every month -- -- my mail and all exactly.
Well I hope there's some credit card debt executives out there watching today we'll take your advice I -- certainly not it's always great to CEO.