You Can’t Sue Your Credit Card Company … Yet
Credit card companies are feeling the pressure of additional legislation that may come down on the side of consumers. A Congressional committee met last week to consider the Obama administration’s proposal to eliminate arbitration clauses from credit card agreements. This proposal is part of the administration’s push for more consumer protections.
Arbitration clauses can prohibit individual and class action law suits against credit card companies, even if the credit card company violates the terms of the agreement.
Reminds one of the old Financial Golden Rule: “Those who have the gold, make the rules.”
Time for Credit Card Reform
Want to do something in support of credit card reform?
Visit CreditCardReform.org and use the template to contact your legislators in support of credit card reform. It’s easy and the more your congress-critter hears you complain about credit card pain, the more likely he or she will be to support the initiatives in the U.S. House and Senate to reform the practices of credit card companies.
If you want to write your own letter, the bills to encourage lawmakers to support are S.392, S. 235, S. 414 and HR 627.
CreditCardReform.org is a site of Consumers Union, the Nonprofit Publisher of Consumer Reports.
