When Congress passed the bankruptcy bill in 2005, what were they thinking? Look at the large number of lawsuits!
Citibank forced to make changes in its marketing practices and cease billing card holders for products never ordered, and is caught allowing mortgage fraud. Class action against MBNA certified for breach of contract, fraud, and other claims. FIRST USA settles for $84.9 million in a class action suits over charges that the bank had illegally hiked interest rates on consumers. FleetBoston loses case over violations of Truth In Lending. NextCard gets closed by the Office of Comptroller of the Currency.
There are many many more cases that show a steady pattern of abuse of customers. On 17 May 2005 there was a US Senate Bank Committee Hearing on Abusive Credit Card Practices. Link to full hearing, download PIRG's testimony, download Credit Card Reform Platform released at hearing by PIRG. In this session MBNA's General Counsel testified that MBNA does not use "universal default", while there were simultaneously many complaints from cardholders to the contrary on many consumer websites claiming the very things that describe universal default. What has Congress done since then? NOTHING!!!
What is the answer? Don't use creditcards folks! Don't make yourself vulnerable to these oppressors. Proverbs 22:7 is holding true even now.
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