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.”