We wrote recently about credit cards marketed to consumers at doctor and dentist offices to be used to finance the cost of medical care.
Now, the Consumer Financial Protection Bureau has issued sanctions against GE Care Credit for deceptive practices used to entice consumers to sign up for these health care credit cards.
This, from the CFPB release on the enforcement:
According to the CFPB order, since January 2009, consumers who signed up for the credit card frequently received an inadequate explanation of the terms. Many consumers, most of whom were enrolled while waiting for health-care treatment, incurred substantial debt because they did not understand how they could have avoided deferred interest, penalties, and fees.
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