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"Rise in credit card complaint levels"

By admin | July 3rd, 2008 | Credit Cards

According to a recent report there has been a sharp rise in the level of credit card related complaints. Over the past year the level of complaints relating to various areas of credit cards has rocketed, according to officials, with a number of factors resulting in consumers making complaints. The figures come from the Financial Ombudsman Service, with officials from the FOS stating that the past year has been one of extreme unease, even describing it as the most uneasy tear since it was set up.

The FOS said that many of these credit card complaints were made over default charges applied by the credit card firms when consumers made their repayments late or missed repayments altogether. The FOS also went on to state that the majority of consumers complaints end up being rejected other than in cases involving credit cards. It seems that consumers have had cause to make complaints about credit cards over the past year, with a number of incidents over credit cards coming to light.

Over the past year a number of credit card firms have been hiking up the interest rates, charges, and fees on their cards, despite three recent base rate cuts, and this has led to consumers having to pay way over the odds on their credit card borrowing. In addition to this credit card companies have been slashing credit limits without telling the applicants, and in some cases have even withdrawn credit card facilities from applicants altogether.

There were under three thousands complaints relating to credit cards that were received by the Financial Ombudsman Service for the year 2006, but for the year 2007 this figure rocketed to over fourteen thousands, as more and more consumers found themselves at the mercy of credit card providers.

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Tags: credit card complaints

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