The Washington Examiner reports that the Consumer Financial Protection Bureau (CFPB) is planning on monitoring every four out of five U.S. credit card transactions in 2013. This amounts to up to 42 billion transactions made with 933 million credit cards.
In addition to credit card transactions, apparently the CFPB also plans on monitoring up to 95% of all mortgage transactions.
Read more here: http://washingtonexaminer.com/cfpbs-data-mining-on-consumer-credit-cards-challenged-in-heated-house-hearing/article/2535726?utm_campaign=Fox%20News&utm_source=foxnews.com&utm_medium=feed
While it may be possible that valid pro-consumer uses for this data exist, the fact the government may be tracking your debt is yet another good reason to get rid of your credit cards. One less way your life is being followed, documented, and tracked — even if for the right reasons.
Kevin Fallon McCarthy
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- Credit Card Market: Now and Then - February 23, 2018
- Make Your Credit Cards Work for You - January 23, 2018