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CREDIT
CARD PROBLEMS
INTRODUCTION
Credit cards v. debit cards
These are two different types of
“plastic” with
different purposes and thus different sets of legal protections.
The Fair Credit Billing Act (FCBA) covers credit card issues and the
Electronic
Funds Transfer Act (EFTA) covers debit card issues. We will look
at the FCBA only, since there are many more issues involving credit
cards
than debit cards.
Credit card issues
Consumers may encounter one or
more of a number
of potential problems when they use a credit card. Some of the
many
problems include:
- unauthorized use of the card
by
another person;
- potential liability if the
card
is lost or stolen;
- penalties for exceeding
credit
limits; and
- errors in consumers’ bills
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