Whether used for business or personal purposes, many Illinois adults own at least one credit card. While some people can navigate the hurdles of owning credit cards, others find themselves dealing with rising rates and being stuck making minimum payments. One bureau is now aiming to prevent consumers from falling for deceptive practices.
The internet and credit card offers
Understandably, many people use the internet to research what credit cards will offer consumers before choosing one for themselves. However, according to the Consumer Financial Protection Bureau (CFPB), the average person might not be getting the most accurate information. That’s why this bureau recently issued circulars to regulators and law enforcement agencies concerning this subject.
Dark patterns and deceptive tactics
Some websites can use seemingly innocent designs to lure and manipulate readers towards certain credit cards. Another issue is that the companies behind these websites sometimes get kickbacks from credit card companies or financial institutions for mentioning their products in a more positive way than the competition. Furthermore, those at these companies design these websites to use a marketing trick known as dark patterns, which deceives users into doing what’s in the best interests of the company.
Unfortunately, these results often don’t provide consumers with credit cards that have the most favorable terms. As a result, people can find themselves tied up in messy situations that don’t suit them. This situation can also result in someone developing unintended credit issues.
As a result of the CFPB’s recent findings, this bureau currently plans to develop an online tool consumers can use. The goal of this tool is to ensure consumers have factual and transparent information about credit card-related offers to make more informed decisions.