Los Angeles, CA
Today. The Consumer Financial Protection Bureau issued a stern warning to credit card companies about deceptive marketing practices. Specially, the Bureau was looking into hidden fees associated with promotional credit card offers. A spokesman says the hidden fees are illegal and the companies are on notice to disclose how promotional offers work.
The promotional offers may not be disclosing high interest rates and fees properly. Consumers could be misled expecting a very low or 0% interest rate only to find the interest rates are much higher and there are also fees. The Bureau believes consumers are being purposefully misled in the promotional materials for these credit cards. However, the Bureau stopped short of taking more direct action other than a warning.
Absent more direct penalties from the Bureau, consumers need help. They often can find this help with a reputable debt settlement law firm. Qualified debt settlement lawyers are well-versed in consumer finance law. The can fight the credit card companies for reduced balances that climbed higher and higher due to high interest rates and fees. Contact a qualified debt settlement lawyer for knowledgeable legal help.
Author: Kevin Fallon McCarthy