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New Rules....Mandatory Arbitration


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Watched this on my local Washington DC news last week, pretty scary stuff. Many credit card companies are putting in clauses for mandatory arbitration, meaning you can not sue them. Below is the link, check it out...

If this had been the case with a large creditor like Providian, the customers would have never won the large settlement they did...

http://www.nbc4.com/consumer/2862555/detail.html

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Thank you for allowing me to jump on my soapbox once again. IMHO, mandatory arbitration is the single biggest threat to consumers today. Thanks to the federal arbitration act, states must uphold arbitration provisions (except when they are asserted AGAINST a car dealer after they successfully lobbied congress for an exemption). The only thing you can do is to refuse to do business with someone who requires such a provision and support organizations such as Trial Lawyers for Public Justice who fight against them:

http://www.tlpj.org/

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Sure. Andd you get lots of solicitations for cards you don't really want. Not a bad opportunity to tell them what you think about arbitration provisions.

Moreover, for many other products and services, there still is an option. Some car dealers are starting to put arb. provisions in their contracts (which I think is outrageous since they lobbied congress for an exclusion). I tell them no way, I'm going elsewhere. Consumers do have power. They just seldom use it.

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