Are Credit Card debt Contracts Bias Towards The Banks?
It has long been reported from consumers and debt relief companies over the years that credit card debt contracts are bias in favor of the banks.
Recently JPMorgan Chase & Company decided they would no longer use arbitration to settle credit card debt contracts disputes with its customers.
And lawmakers have said all along this practice was completely one sided against the consumers with credit card debt contracts. The greed and power of banks have been known for years but no one could or would challenge the unethical practices of the powerful banking institutions.
Now that the nation is in a recession and so many middle class citizens need debt assistance something is finally being done to halt much of the abuse banks and creditors are putting on consumers.
The new credit card debt reform bill that goes into effect at the beginning of next year is an idea who’s time has come. It was long overdue but the necessity of providing some form of bailout for the middle class is almost a must if we are to get this nation back on its feet financially.
This is not a communist country but sometimes the actions of the large corporations seem to bend in that direction. Eliminating arbitration to settle credit card debt contracts is a win for all Americans.
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