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If you’re a Discover, American Express or Capital One credit card holder, you may see your balance shrink in the coming months. And not because you dutifully paid down debt. Those three companies are refunding a whopping $435 million to some 6 million customers between now and March, thanks to the government crackdown on deceptive credit card practices. Don’t worry about filling out complex paperwork to collect. A credit will show up on your statement if you’re a current cardholder. Checks will go out in …
Reverse mortgages are not being used as Congress intended, according to a new report from the government watchdog agency Consumer Financial Protection Bureau (CFPB). Reverse mortgages were created to provide an income options for retirees. But these mortgages are increasingly being taken out by younger borrowers, which could decrease long-term retirement security. Borrowers also tend to take lump-sum payments that can be used up quickly.
Got a gripe about your credit card? Get ready to be heard around the country. The Consumer Financial Protection Bureau launched a new database Tuesday that’s devoted to collecting consumer complaints against credit card companies-for all to see. If you post a gripe, your name will be kept in confidence but the credit card issuer’s name and the nature of the complaint will be visible to people conducting searches on the site. The database will also disclose how the card …