Thursday, April 5, 2012

New Court Ruling For Credit Card Users

Credit card protection for the consumer has been an issue that continues to be discussed both in and outside of courts, in the news, and at banks worldwide. What if a ruling made in the courts last week has changed all of that?

Image source: Flickr
According to an article by Annamaria Andriotis in SmartMoney, “Experts say consumers who sign up for a credit card with a so-called binding arbitration clause can't dispute charges or fees in courtroom.” This vote has had to deal with criticism from consumer advocates reporting that it now places the consumer at a disadvantage, especially with larger companies.

When cases were able to be resolved with arbitration, it not only kept the case private, but more often than not, the consumer won. Will this be the case anymore with the new law that has been put into place?

Look here to read the full article about the court ruling and what it could mean for credit union member card users, credit unions, and the courts.

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