Protecting your money

POSTED: Wednesday, November 9, 2011 - 12:28pm

UPDATED: Tuesday, December 6, 2011 - 12:38am

There's new federal help when it comes to protecting consumers when they borrow money.

It's called the Consumer Financial Protection Bureau.

Like the Food and Drug Administration polices food and drugs, the CFPB mission is to help keep your money safe.

The CFPB was established last year when President Obama signed the Dodd-Frank wall street reform and consumer protection act into law.

When the CFPB officially opened for business in July it launched a website, ConsumerFinance.gov.

The site offers advice on financial decisions like student loans, mortgages and credit cards.

It also serves as a simple place to complain, with the governments help, when there is a problem.

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Every consumer has the right to complain when he is not satisfied with the product or services he obtained. That is why CFPB was formed, as the purpose is to protect consumers from any unlawful doing. The Consumer Financial Protection Bureau is publishing one of its first reports, and the subject are charge cards. The full version will be released in Jan and probably the most common grievances were billing and rates of interest. I found this here: http://personalmoneynetwork.com/moneyblog/2011/12/02/cfpb-credit-cards/.

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