Consumer complaints about problems with financial companies such as banks, credit bureaus and debt collectors rose by more than 50 percent in 2020 and set new records for each month of the year, according to a new report from the Arizona PIRG Education Fund. The report, Consumers In Peril, which analyzed complaints received by the Consumer Financial Protection Bureau (CFPB), was released as part of National Consumer Protection Week.
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Analysis of complaint volumes and the types of complaints received shows that, as consumers dealt with the economic fallout of the pandemic, they increasingly faced problems with financial companies.
During National Consumer Protection Week, Feb. 28 through March 6, the Arizona PIRG Education Fund is offering a daily dose of tips and advice to help you navigate life’s biggest consumer challenges. We’ve chosen our daily themes based in part on the Top 10 consumer complaints tallied by the Consumer Financial Protection Bureau.
Being a consumer is tough. We want to help make it a little easier. In recognition of Consumer Protection Week from Feb. 28-March 6, U.S. PIRG is providing key consumer protection advice. Check in here every day for our updated tips and tools.
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