Consumers Are Denied A Hearing in Congress

There was a recent hearing in congress about credit card abuse, to talk about a bill for additional consumer protection. It would be very educational to read Elizabeth Warren's testimony. (Adobe Reader required) This was in the House, it is just as bad in the Senate. A number of years ago Louis Freeh lied about MBNA's universal default policy in his sworn testimony before the Senators, acting as the General Counsel for them, and no one cared. See a previous post on this blog about it.

The surprising thing about this hearing (or maybe not if you realize how corrupt congress is) is that there were consumers there who flew to Washington to testify at the hearing about the abuses of the credit card companies. They were not allowed to testify without providing unlimited disclosure of their account activity with the credit card company. That might seem fair on the surface, but the request to ask the credit card companies to back up their claims with documentation was denied. Elizabeth Warren writes about it here.

Are you sure you want to do business with these guys? Are you sure that credit card agreement is not a threat to your financial and legal security?