Credit card 'colusion' and 'pay more to pay in cash' seems to be more of the 'corporate American' imagination on how to 'screw the consumer' by getting them to pay the normal business overhead faced by businesses. A 'surcharge' idea, where 'their' overhead costs are broken out for us to pay. And if you want to 'revolt' and pay in cash, you get another surcharge for paying in cash. Congress needs to shut that corporate wet dream down.

Being an Ex-Branch Manager and Asst. Vice President I can say without a doubt that banks, or as we would say the people sitting in the "Ivory Towers", did make policy to collude against consumers in trying to make profits rise. Almost every policy was intended to do so, not in writing, but in structure of the policy.
By cleverly and constantly "tweaking" the policy, the consumer would slowly and without feeling it, loose more to the bank gaining more. That is what the bank was striving for, and now that they have that, or close to complete control over consumers, they just sit back behing a wall of policy and legislators, who also through lobbyists, made out well.
But it is not over yet, with the economic crisis looming, the consumers should be waiting for the other shoe to drop. But the proplem is is that we allowed it to happen, the consumers were considered sheep to be led, because of the other pre-occupations the banks counted on.
We let it happen, just like gas consumption, food prices and letting jobs slip away overseas.
We did it to ourselves and sold ourselves short because we just "didn't have the time"! "I have beena bank customer for years, they would not do that to ME!!!"Wake up Americans!
I can go on for hours on this, and write several GOOD books on this topic!

This just scratches the surface of the much bigger problem with ALL credit card companies; that they have ALL changed their terms to state something like "We can change your interest rate for any reason at any time". Then, after the consumer runs up a significant balance, they change the interest rate from 10% or 12% to 18% or more. Who would sign a contract for a loan without having locked in the rate of interest? Yet, with credit card companies, the consumer no longer has a choice. There is no credit card company left that does not add in this language, and does not make use of it. The consumer gets a letter claiming that "due to market conditions" they have decided to increase the rate of interest on your account. Do your best to STOP using credit cards; they are vultures waiting to swoop. They set snares to trap people.

Consumers not damaged? How many consumers do you know who start a complaint filing with the credit card companies and are NOT damaged in some way? The banks like arbitration because it begins with the assumption that "no one is wrong." If the banks put all their billing problems into arbitration it might be equal, but how many collection letters have the banks sent out inviting debtors into binding arbitration?

The problem is that the banks are all one way organizations, and the one way isn't for the consumers. If they do wrong then they want to split the difference and if the consumer is wrong they want the difference plus interest and penalties, sound right to you?

I hope these allegations are not true. Banking is based on trust and when such a fundimental breach of that trust has occured, I can really forsee an end to banking as we know it.

For all of the class action nay-sayers, this story is exactly the reason why "taking your money to another company" doesn't always work.

Free market you say? Think again. It's not so free when the big companies collude to limit our choice.

Each time I read one of these Red Tape reports, it makes me puke over the thorough screwing over of the common man or woman in the US. My hat is off to Bob Sullivan for being able to stand the steady stream of rip-offs that he must see every day in preparing this column. I wonder how can the corporate minions like "Citigroup spokeswoman Janis Tarter" sleep at night because of their role in the ripping of American. God help us all!

This is not just happening with banks. It is also very prevelant with Telecommunications providers such as Verizon and AT&T. WHat this does is enable major companies or industry groups to nit-pick consumers with fees and charges that have notbeen agreed upon knowing that arbitration for the consumer will yield very little results. I am appalled that that our judicial society allows such pro monopoly screwing by big companies to the little guy.

Interesting, the credit cards want to compel this issue into arbitration. If they get their way, and the arbitration finds for the credit card companies (which it will), then they've shot themselves in the foot. They will have proved that they have a rigged system. The courts may not stop them, but congress is coming up for reelection.

Here's a thought. Don't use credit cards!

Arbitration clauses are a resonable business response to the unreasonable threat of class action lawsuits. As long as there are windfall profits for lawyers where the consumers gets very small slices of the settlement pie, the risk reward balance heavily favors frivilous lawsuits.
It's not collusion for all companies to arrive at this same logical conclusion.
(And no I don't work in the financial sector, but I do run a business and understand the economics of being successful...)

So the overall question for the courts is really - was there collusion amongst the banks to limit the consumers rights? Seriously?? that's like asking if water is wet.

Of course there was and the proof of that is displayed everyday throughout newspapers and websites with stories about how corrupt Corporate America has gotten and how the overall dollar and NOT the fiscal responisibitlity to shareholders and customers has reigned supreme over the past 5-10 years. Make no mistake, the fall of major corporates, the mortgage crisis, big oil, all of this is proof positive the higher ups could careless about anyone but their own mega-million salaries and buyouts..

Of course there has been collusion and conspiracy
Any village idiot can see that
a lot of people have suffered irreparable harm attributable to the slow drain of their resources through atrocious lending practices
as long as they can get away with it they will
look at some of the interest rates charged
can anyone with an honest Conscience justify such levels ? there is no difference between loan sharks and bankers
Yes they portray themselves in a very positive way but ...
They deserve to be sued and make amends to all the innocent people who have been duped and financially raped
I must say it is also rather stupid of bankers to think that in the long term they could have got away with it
look at the massive write downs they are facing
as a result of adopting a variety of bad banking practices
what is shameful is that most politicians directly or indirectly helped these banks indulge in all these proactices
how do we punish them ?
there is a lot of suffering in the offing - mortgage crisis is just the surface, but wait till the commercial property crisis hits and the credit card debt crisis hits and trade deficits and so on -
Are we prepared for these ?

THIS IS A MESSAGE TO "CITI" D.B.A. SEARS CREDIT AND ALL OTHER MAJOR CREDIT CARD COMPANIES. YOU HAVE RAISED MY INTEREST RATES 3 TIMES IN 2 YEARS. I HAVE DEFAULTED ON TWO OF MY CREDIT CARDS "INTENTIONALLY" BECAUSE THOSE COMPANIES REFUSED TO WORK WITH ME AND LOWER RATES. YOU ARE NEXT. "WE THE PEOPLE" ARE GOING TO RACK UP CHARGES ON YOUR MONEY AND THEN DEFAULT ON PURPOSE.....TO PAY "YOU", AS IN CREDIT CARD COPANIES, BACK, FOR ALL THE TIMES YOU HAVE SCREWED US OVER. THE GREENBACKS ARE MINE AND YOU ARE NOT GETTING THEM ANYMORE. YOU WANT YOUR MONEY? SUE ME! I HAVE MORE TIME THAN MONEY AND WILL RUN YOU IN CIRCLES ALL DAY LONG. WILL I HURT MY CREDIT RATING? SURE. ASK ME IF I CARE. NO! I WILL TAKE MYSELF DOWN TO TAKE YOU GUYS WITH ME. SO GRAB ONTO MY TATTERED BILLFOLD AND HANG ON SUCKERS, YOU ARE GOING FOR A RIDE.......

First of all, with the Internet, industry conventions and many other ways of quickly putting ideas together and sharing concepts, it would be very easy for most of an industry to adopt the same or similar procedures within a year of each other.

The real question is not how they did it, but should they be able to take away the customers rights and options at all, in any way, for any reason. Even if it was just one card company, sure that means you could switch to another. But eventually the others would come around and all adopt the same procedures. At that time, there would be no collusion. So, same outcome, different course of adoption, does that some how make it ok.

Castrate them. Seriously.

Why ask the question when you know the answer is "YES"?

It's about time someone lets these financial institutions know that they are catering to thier customers to stay in business, We see where thier practices got us.....broke and angry!!! They knew thier actions were illegal but didn't give the public credit for thier intelligence. Let's hope that changes..

we need to get congress involved to reverse this and have banks and credit card cos come up with a different plan to save money. we already pay excessive fees now. Maybe banks and credit card cos need to be more efficient and offer less costly services to everyone . and if you can afford those services then you can pay for them. Government should not be helping banks make money but rather make sure they are fair ...............

They are not your friends, people. I hope one day we get a new bank that is actually concerned about the welfare of the customers, rather than just squeezing every drop of fluid from his rotting corpse. There's a lot of money to be made in good customer service these days.

Hmmmm, More questions come to mind: How much collusion was there in the Sub-Prime Rate Mortgage scams?? How much Colusion to have all the bad stocks piled together at BearStearns so that the Feds would Buy it off?? How much Collusion as to the rates card companies charge, along with all of the service charges, How identical are They?? If more and more things come to light in this case, then we will see the biggest run on the banks EVER, because the Credit Card Companies will have PROVEN, Beyond a doubt, that they cannot be trusted to do business without someone looking over their shoulder, ALL THE TIME!!! We have been screwed by the Credit Card Companies and the Banks in General, Why do Americans save so little, maybe it is due to the high charges that banks set on nearly everything they do, when it is OUR money to begin with!!
Forcing people into Arbitrtio denys them their day in Court, as GUARANTEED by our Constitution, so Enforced Arbitration is Unconstitutional to begin with, just a ploy by the banks to get you to use the Arbitration service that THEY pay for.....so they get the ruling going their way from the start, Big Scam.....is one reason I have stayed away from the credit market!!

Conspiracy or not, everyone knows that the playing field is not level and consumers rights get trampled. Now outsourcing customer service to India to language challenged operators who have no power to change anything and can't even understand when you are double charged for the same thing is the biggest threat to consumer rights.

Does this really surprise anyone?

Banks working together against customers in something called the "Arbitration Coalition"? I thought the place where big business collaborates against customers called the "United States Congress".

This is a sad shot in the dark by people who should have known better. If you take out too much in a loan or pay too much in a credit card, it is your fault for being irresponsible. Deal with it.

how will our country prosper if we are not able to rip off the dumb?

this country was built on ripping off people...you cant prosper when everything is fair.

This story is alarming in that more people aren't upset. PBS has an ongoing story about credit card company collusion designed to rip you off. If we all pay em off and carry no balance, they won't be able to rob you blind, so put your Bush tax bribe on your credit card and pay it off.

...how much choice do consumers really have? Luckily they have America's Credit Union's as the smart choice for personal financial services. Call your nearest Credit Union and ask them about their Credit Card program. Credit Unions- Not for Profit, but for Service!!

What do you expect when your banking system is really owned by a fw people! Even the Federal reserve who prints our money is a owned by a few. CLASS A SHARES!

I'm glad I don't use credit cards.

Arbitration vs Lawsuits? Are you kidding? That is minor league B.S. compared to the usury that our horribly corrupt Congress allows these banks to engage in. The banks'"lobbyists",more commonly referred to in N.Y. as "payoff" men bring bags of cash to the criminals in Congress and are then allowed to charge 30% interest,while borrowing taxpayers money for 2-3%.And you dont believe we are on the eve of destruction bro??
Bklyn Ron

Just a question. Will the next administration and Congress reign in corporate America? They've been given tacit approval to flagrantly exploit the American consumer without restraint.

Credit card companies aren't the only offenders, merely the most organized. Car dealerships, cell phone providers and try to open a brokerage or investment account without signing an arbitration agreement. This has gone too far. Just like trying to get consumers to sign away the laws of the state they live in and subject themselves to the laws of another state. That's another one that needs to go. If you want to do business in a state, you're subject to the laws of that state. Period. End of discussion.

Thanks Mr. Sullivan, for bringing unexpected news to light.. 1990s were S & L bail-outs, and now we may experience a banks-induced-depression. Question? What can the small income and the Middle income groups do to seek a just and secure economy? This is a surprising and maybe threatening life issue.
In the land we love, Our America!

Arbitration is a travesty and serves no one but the deep pocket.

Several posts have been spot on, don't use the product if you don't like the terms. Credit cards have only been available to "the masses" for a relatively short period of time. Before that, people paid cash and only borrowed on houses and cars.

That said, if collusion happened, the issuers should go to jail, period. However, it is common practice to watch what your competitors do and emulate their actions when it is to your benefit. If any company finds a way to prevent class-action lawsuits, they will certainly pursue that wholeheartedly, that's just common sense.

America has changed=It is no longer about"service" in the sense of an expression of gratitude to a customer by a business entity. It's more of a 'prostitute-john' relationship; Select my "product" and pay the price, sucker. Quit whining, and talk to my 'pimp'(the Prez and Congress)

CC co. practices are one more reason I've learned to only use my Amex card or debit. If I can't pay for it in full now or the following month, I don't buy it. Why take the cheese, when you know it's a bear trap?

It's definitely disturbing to read the comments from posters advising consumers to "deal with" such shady credit card practices. I wonder if these posters are aware that today's corporation has far more legal rights than the average private citizen does. I do not believe our Constitution was framed with such an end result for our country in mind.

And I see plenty of corporations suing each other. Do they not require arbitration clauses in their own contracts?

I wouldn't mind a bit if the arbitration clause says, "You agree to attempt to settle any claims through arbitration with the card issuer first, and only seek relief through the court system if arbitration fails to satisfy your claim."

As a matter of fact, I really think that's the way it should be - because lawsuits can often be avoided via successful arbitration. I just don't want to give up my right to a day in court if the arbitration *doesn't* solve the problem.

Having congress take care of this matter is like having the blind lead the blind. The american public is going to pay for all the greed and bad decisions that the banks have made without any penalties. I have never heard of buying a house without any money down on an ARM. The reason for an ARM is when interest rates are high and then you bet that they will go down eventually not when they are at rock bottom. The only place that they can go is up. We seem to be in the same situation as the Savings and Loan crisis and the American public will pick up the tab.

I'm up for another rebate check.

If enough consumers followed ALTOONABUD'S example, I'd bet the credit card companies and banks would change their usuary paractices. AND to all you "pat yourselves on the back" people - those of you who do not use credit cards and who can pay everything off each month - GOOD FOR YOU!! And that goes for my condescending relatives too! What goes around comes around. In this country, everyone is just one catastrophe (illness, mother nature, divorce, identity theft, addiction, etc.) away from financial
ruin. So don't count yourself so fortunate. It could happen to anyone.

You can fool some of the people some of the time and that is usually enough to make a good living.

STOP USING THE CARDS...........AND IF YOU DO, PAY THEM OFF MONTHLY!!!!

I am so tired of reading in this column on how the consumer is getting screwed. Why don't we all wake up and realize that we can live without credit cards, cell phones, ATM's and all those other things that we were not born with. If you choose to play then shut up. They can do all these terrible things because we let them. Wake up people!

get rid of the cc's and pay cash.

If one absolutely must utilize a credit card, do so only if that monthly balance is fully and promptly paid in full. Adhere to your grand- and great-grandparents' admonition to substitute, do without, and/or save your funds until you can pay in full. The fact that they "were so yesterday/yesteryear" is exactly the reason their advice remains valid today. Some truths are forever.

Gotta say I'm less than susrprised by Janis Tarter's statements. I've worked for a Citigroup subsidiary. Their philosophy was "Home equity loans are the best and only financial solution to debt problems - 100% of the time." We were told to always tell ourselves that everything we did only helped consumers because by repeating that brainwashing mantra that automatically made it true. She's just a pathetic puppet.

All you clowns out there who voted for Repuglykans make this sort of thing possible. So you are getting just what you deserve

Honestly, in defense of the credit card companies, it was clearly stated what you fools were getting into. The terms are written out in gruelling, tedious detail, if you are too stupid to read every single 7pt font letter, you deserve everything you get. I have no credit cards because I read this fine print, I'm not dumb enough to enter into an agreement that is lose-lose for me. Pay money to borrow money? Credit in general is a horrible idea even without the arbitration clauses. By the way, I work for a major credit card company and enjoy taking advantage of ignorant people, you are easy targets to consume.

Arbitration is inherently unfair to individual consumers. The arbitrators and their association(s) see the same parties (and lawyers) over and over again on the banking side and, naturally, these arbitrators and their association(s) develop relationships. The consumer may see an arbitrator once in his/her lifetime. The arbitrator wants the repeat business from the banking side, and he's not going to get it if he sides with consumers.

Cynical, I know, but it only makes economic sense! Arbitrators don't work for free!

Credit unions also have their share of stinkin' onions better known as hidden fees, nickel-dime-dollar specious fees, hard-to-discover qualifying balances, hidden after-the-fact assessments, occasional higher than average notary fees, and outrageous lock box fees. Frankly, Scarlet, nobody gives a damn about you!

Its not just credit card companies. Its all the institutions.. insurance, finance, government. Looked at your software use agreements latey?

How lucky for you TC to not have to use credit cards. With the downturn in the economy, loss of work, price increases in every single aspect of our lives-we've had no choice. Now, we're absolutely screwed. I'm so tired of our corupt government-that's why, as a former Republican, I am voting for change-Obama. I appreciate his words (I hope it's not just words)condemning lobbiests and working for change. Although I haven't heard specifics yet, I'm hopeful that there is at least one political candidate who wants to work on changing the way things are right now. It will take someone with lots of energy-

How lucky for you TC to not have to use credit cards. With the downturn in the economy, loss of work, price increases in every single aspect of our lives-we've had no choice. Now, we're absolutely screwed. I'm so tired of our corupt government-that's why, as a former Republican, I am voting for change-Obama. I appreciate his words (I hope it's not just words)condemning lobbiests and working for change. Although I haven't heard specifics yet, I'm hopeful that there is at least one political candidate who wants to work on changing the way things are right now. It will take someone with lots of energy-

America is ready for a fundamental change. One where corporate greed and profit taking aren't the tools of destroying our once great society. If we want change, we fight for it. Stand up to all of the politicians of EVERY PARTY that are slaves to special interests and big business. Show them that our wallets are not their expense accounts. I for one am voting Obama in '08.

WHY buy something you cannot pay for in the first place? I use credit cards but only as a convenience and pay them off every month. The credit card minimum payments with high interest rates are designed to do one thing only.....make the banks a lot of money NOT to make things easy for the consumer. Wake up and take charge of your life.

Simple answer. What would happen if 10 or 20 million people just quit paying for a period of time? Same with taxes. Would that get anyones attention? Probably not, the biggest problem is that no two people in this country will stand together on anything!

Thomas Jefferson had it right by stating that banks are a greater threat to liberty than standing armies. How many people today can truly say they don't owe banks money in one manner or another?

As was stated previousely, congressmen/women are in part up for reelection this year and next as well. some states representatives are up as well. yes we all have made mistakes using Credit Cards, yet this world society is made on the backs of the plastic we all carry in our back pockets and handbags. They, the card companies know this, they also know that all we as americans do is talk, talk is cheap, we do however can take actions that will hurt their pockets, 1. don't pay your credit card bill for a couple of months, don't use them either except for absolutely emergencies, send them back their bills, flood them with the paper work they so flood us with, flood them with phone calls at all hours as they do us, because of the observed ruling of between 8:00am & 9:00pm seven days aweek, first you will see that are closed especially on the weekends, but not the poor people in India, (what a break that was for them to get). We in this country need to get out our encyclopedias and read the Constitution and Bill of Rights from beginning to end, you will find a lot of information that will help us in this and all other matters pertaining to businesses and their practices in this country. No wonder other countries are laughing at us, we have signed away our lives and fortunes to others and are left with nothing but a mountain of bad debt we did not want, sadiness that companies could care less about, broken hearts and lives because of it all. They are going to get theirs no matter what we say or do, but Congress and its ability to pass meaningful laws, that they can not fight, even with all of their money to try and buy them off. Congress needs to remember we elected them and we can remove them as well, that includes the President, this is what we believe a Democratic Society is it not. WE THE PEOPLE IN ORDER TO FORM A MORE PERFECT UNION SHOULD BAND TOGETHER FOR THE FIRST TIME, A REVOLUTION OF WORDS CAN BRING ABOUT MUCH IF WE ONLY STAND TOGETHER AGAINST BIG BUSINESS, FOR THEY HAVE STOOD TOGETHER AGAINST US HAVE THEY NOT,Remember this, Money is not the root all all evil, its the Love of Money,and man is their a lot of love going around.

Out of 29 comments there is 1 mention, at the beginning of Credit Union's. Take head America, and fly to your local Credit Union!!! There are many community chartered credit union's, and more are converting all the time, find one you can belong to either directly or through a family member. When banks begin to seriously lose deposits to Credit Union's due to SERVICE!! Maybe they will change their tunes. Also..did you know that a credit union CANNOT charge you more than 18% interest on Any Loan..EVER, by Federal Regulation. Seriously, Credit Unions are a much preferred alternative, and must be talked about by the talking heads on my TV!!!

People, I have been blogging, and yes ranting about the total lack of Consumer Rights and Protection in this country for some time now. This country is no longer a government by and for the people. It has become a government by and for BIG BUSINESS. I have asked time and again for anyone who is as angry about this as I am to help me organize a REAL consumer activist group. A grassroots movement of average Americans, people like yourselves. What we need to do is shake up our legislators. They have allowed this to happen. An article online a few days ago talked about how there was plenty of regulation in a particular industry, but NO federal funding for regulators - the human beings to enforce the laws already on the books. Thank Bush and Congress for that.
I really believe we need to do something like Martin Luther King did some 40 years ago for desegregation. Have a multi-million person march on Washington, D.C. and have hundreds of thousands of people marching on every corporate headquarters office in this country. A PEACEFUL demonstration and march. I am not into and do not condone violence. But maybe, just maybe, something like that will shake our government to their socks and make them realize that WE, the middle class, average American who has been squeezed beyond recognition will not take it anymore. If that doesn't get them to change, then another Boston Tea Party. We changed things in the 60's, there is no reason we can't do it again now.
Feel free to contact me: barcar28@comcast.net

Typical American way, live beyond your means than complain about your irresponsible ways and blame everyone else other than yourself. If you are too much of an idiot to understand general banking (credit cards, mortgages, lines of credit, installment loans, etc.) then continue to rack up debt that you can't pay and complain about it like the majority of you are doing now. I consider this forum to be called, "Proof why Americans are stupid"

The credit card companies will get theirs soon. All those people about to go into bankruptcy/foreclosure are maxxing out their charge cards which i highly recommend doing!!!

There is no way around it, you have to use credit cards in the United States. Even those stupid Visa commercial which have 1 person pay in cash and then whole world has ended because of it. I hope those banks come crashing down and get what's coming to them and Congress will pass a law regulating the banking industry.

Arbitration, which was instituted as a business-to-business dispute resolution method, is fine, so long as all the parties involved willingly enter into it.

However, with arbitration now being mandatory in so many consumer contracts, we now have the situation in which the banks hire leaches and scum, such as the thugs at the National Arbitration Forum, to extort cash from hapless consumers, many of whom have no idea that they even entered into an arbitration agreement.

I seriously think that anyone whose credit rating is iffy should simply stop repaying their credit card bills until some sanity is introduced into the system.

The only sure thing is the the Comptroller of the Currency, which is supposed to oversee bank behavior, will do nothing; it's simply an advocate and cover for the worst of the country's financial institutions, allowing them to continue to financially rape folk.

Utter sham. All kinds of excuses have been offered for increases in interest rates, minimum payments, etc. I remember when the minimum payments for some increased as much as 100% (one of mine increased by 33%). And what was the excuse for it? "Federal guidance"! And who was responsible for this? Why, the Comptroller of the Currency, a part of the Bush White House! A foretaste of the subprime mortgage crisis! Doesn't this sound something like what happened in the late 1920s and early 1930s?

When are we going to reform a major piece of the problem. The true buffer and again the problem is the credit rating system and the so called major 3 reporting agencies. The munipulation of consumer credit scores, and lenders continually move the mark whenever they choose. Working with the credit agencies. How could so many bad housing loans have been made through out this country unless it was a coordinate effort/greed. One would think the credit report would be apart of a major purchase such as property and we know loan officers all over this great country were not simply making bad decisions without guidance from above......GREED TRUMPS COMMON SENSE ONCE AGAIN.

We don't have choices as Americans anymore.

Those decisions are made for us by a government full of non-leaders with close friends in the corporate world.

We know longer have the freedoms in this nation that we once enjoyed.

It does not really matter who is in office whether republican or democrat; it is all the same anymore and the American Citizen is left with a mess.

If you want the answers to most of your questions, you must see the documentary below....and it is almost 10 years old.

The Money Masters - How International Bankers Gained Control of America

THE MONEY MASTERS is a 3 1/2 hour non-fiction, historical documentary that ...

Copy and paste this on your web page and listen for free.

http://video.google.com/videoplay?docid=-515319560256183936

ALTOONABUD- First, typing in all caps is considered shouting, and is rude. Second, if you intentionally default on your credit cards, do you really think it's the financial institutions that are going to suffer? They will find ways to cover their losses, and it's the rest of us who will pay for it. Your kind of thinking is what makes everything more expensive for the rest of us -- insurance fraud, workers' comp fraud, helping yourself to a few office supplies at work, skipping out on restaurant bills, walking away from a house you still owe a mortgage on -- it's not the businesses that get hit; it's the rest of us who have to pay more for everything to cover the businesses' losses.

I'm sorry I guess I was not found worthy to submit my statement, Sorry if I used words that were not appealing to the sites management, but I spoke as I felt, i am so tired of everyone thinking they have a right so subdue a persons thinking, maybe they are apart of the actions being taking towards the people as well

Of course there has been collusion and conspiracy, Think back on when the ATM card was introduced. funny how the rates keep keep going up to use them just so you can avoid a fee for talking to a teller. when was the last time you wrote a check?

Somewhere in our history Americans have confused the concept of Capitalism and Greed with one another. This is why the rich are getting much richer and the poor are getting much even more poor. We want the stock market to be positive but that requires profitability from the companies being invested in, otherwise why invest? For the good of the people? Not in this Country!

I like my prepaid credit card. No bills to look at, no special screw me clauses. I will never go back to the other types of credit cards again.

The credit card industry and banking industry have gotten so corrupt. I understand that if someone takes a credit card and max's it out or uses it and brings there credit bill up. But charging everyone with rediculous interest rates and charges is insane. Our government doesn't do anything but sit on their hands while they rape us blindly.

Everyone thinks the economy is bad now that we are in a recession. When we are actually going into a depression with all the homeforeclosures, people going bankrupt, rising fuel costs, and the rising cost of goods. If anyone is interested see the Zeitgiest movie it will open your eyes to how we are getting screwed by the banks

To the people that say "Don't use credit cards. It is your fault for using credit cards".

There are a lot of situations you must use one. Rental Cars, Hotels, flights are good examples. Debit cards are not always allowed at hotel and car rental companies.

Yes, you can pay in full to reduce the chance of fees but not completely. Its just an example of how large corporations figured out a way to basically screw everyone with nickel and diming.

The American public has been sold and told for years that, no matter what your income, you deserve that special lifestyle that only comes with money, you deserve to live above your means, all you need is our card. Never pay cash, because we want a piece of every personal financial transaction that occurs. Sign an agreement that we totally control and can change at our leisure. Having a cash flow problem? We'll determine if you are, and then make it more difficult for you to honor your commitments by jacking you up to a ridiculous interest rate, even if you have honored your commitment to us. Then, if you driven to default, the approach is - how DARE you not fulfil your commitment, you pitiful loser, you little thief, you scum of the earth. But remember - we told you, this is the lifestyle to which you are entitled, that you so richly deserve.

If you believed them, your loss, their gain. Learn to live on cash. Lern to live without. Learn what you really need, not what the card companies tell you what you need.

Don't you just love this little game being played out right now between a crooked group of governments married to crooked business, and against the consumer?
It is said that easiest to squeeze are the softest of the bunch, and we have become so very soft, lazy, complacent, and ripe for slaughter. Ignorant is the better word.
The only reasons for George Orwell's 1984 not becoming a reality were his over-optimistic projections on how technology would develope, the skepticism of a tougher generation, and an overall purer set of social ethics and morals from a more God-Influenced time in human history. There were also a lot of people at the time of George Orwell's writings who were still alive from the Great Depression, knew what hunger and deprivation felt like, and there was no desire to return to that.
Government and big business also knew these things, and knew that there wasn't much hope of implementing what George Orwell had correctly predicted was in the works.
But, times have changed, much of that generation is pushing up daisies, and an even riper, softer, far more maliable generation or two has emerged.
Middle Class? Bye-bye now. All gone. No more. Footnote in history.
Poor classes? Big increase.
Totally desperate and destitute? Really big numbers coming up folks, and this'll be the crowd who'll cut your hearts out for a loaf of bread.
The Mega-Rich, Powerful, Godly? Safely housed behind their gates, never seen, but always heard, or at the very least, felt as the heavy hand of total domination.
We have brought this upon ourselves. Lock, stock, and barrel. We have allowed ourselves to be lulled into a perfect storm of upheaval, dislocation, and slavery to come.
Don't believe it?
Fine. I don't care anymore. I'm 54 years old, I've been preaching about this day since I was 24, and it still amazes me how many people thought I was a nut-bar when they were all riding high on the surf of increased wages, technological advances that boggle the mind, and sitcoms designed for no other purpose than to make us all believe life is a bunch of rosey red roses.
Until we have the courage to stand up to governemnts who continue to over-tax us, businesses who continue to rip us off, stop paying them altogether, and force them into starvation, this will not end.
Until will change our own attitudes about how to treat one another in a society, this will not end. It will all only get worse.
I know what hunger feels like, what homelessness looks like, what impoverishment does to the human mind and spirit. Those factors also taught me a lesson.
Live exclusively within my means, stash for a rainy day, and learn every survival trick in the book, from how to grow my own food, raise my own animals, and build my own housing, amongst other things.
Today, I know people who've never seen a cow, or a chicken in real life, wouldn't know the first thing about surviving the night if the local 7-Eleven shut down.
No. I don't live on a farm out in the country either. I live in a city, just like 75% of the rest of the population. But, I know how to get out of it, and I know what to do next. My family will never go hungry, and will never have to suffer the deprivations you are all headed for.
Nothing short of passive revolution will stop this head-long run we are making into the oblivion of society as we know it.
The time to talk is done.

I have been in the debt counseling business since 2002, and I've increasingly come to the conclusion that all of these banks are simply a branch of the Federal Reserve of U.S. but the Fed is not federal, it's a private institution which is controlled by the "major" American banks and mega-wealthy foreign investors. Are country is absolutely controlled by bankers to the upteenth degree and to believe ever that a bank ever has a client's best intrest in mind is absolutely laughable. I work for an organization that is able to directly negotiate with all major banks and is able to get a settlement-payoff that best fits the clients needs within reason. Creditors will never advertise that they will accept this method payment, because you have to force there hand by "falling behind" on payments. It's has a small impact on credit only because the creditor, when done correctly, will report that the debt has been completly satisfied and most clients will still be solicited by the same creditor that is being negotiated on. It's very effective and all major banks cooperate. The issue I have is that clients actually believe that the creditor is honest and most people thump there chest and say "I borrowed the money I'm gonna pay it back", wow. The issue is that these bankers will absolutely try to squeeze as much money from there clients as possible to the point that is go beyond the "not fair" degree into a passive extortion on a massive scale.

Since when were credit cards a requirement for living. I have no one personal card that I have for car rentals on a special occasion or for an emergency, but I always pay the price in full.

Since when were the consumers forced to enter into unfavorable consumer agreements. You should be able to read before you get a credit card. If you don't like their system, don't use it. If you don't have the money don't get it.

I have a larger salary than mort, but my wife drive 10 yr old car, I drive a 8 yr old car and have no prospects of buying a new one any time soon.

Don't use the cards and they will realize that they must change.

Quit blaming others for you poor choices

In response to the person who said "it is our fault for using the credit cards", so deal with it. My mother who is 81 misplaced her Discover card statement and when she realized that the payment for the month had not been paid, got on the phone and called Discover and made the payment via telephone. This resulted in her being 2 days late on her payment. They charged her a $39.00 late fee and upped her interest rate to 24%. Up until this time she had an excellent paying history. When I explained to her what happened she called Discover and told them she would send her card back. Within a few days she received a letter from Discover thanking her for her excellent credit history - and upped her credit limit!!!!!!! No refunds or decrease in interest rate was offered. I call that abuse of our senior citizens. How many more people of this age are they taking advantage of? They know most of them live on a fixed income and occasionally need to use their cards. They lay in wait for these incidents to happen so they can implement their so called "terms and conditions"

While the Republicans preach the virtues of appointing judges who strictly interpret the Constitution and do not create laws that are straight out of the Constitution, this argument is smoke and mirrors to hide the assault on the legal rights of the individual, principally the right of redress in the courts. Well, the judiciary has been packed with Republican stallwarts, allies and cronies who have received judgeships as payments for favors done over the years. Along with that has come the Republican, pro-big business agenda that has found less resistance in the courts than previously seen. Watch for John McCain's talking about the need for tort reform: limits on damages an injured (or worse) person can receive because of a defective product or the negligence of a physician, hospital, etc. Oh, one last thing! Whatever happened to Mr. McCain's campaign finance reform impulses?

Banks need to...go back to being banks.
Since deregulation, banks have become profit machines, as indeed have all American corporations. Thus, things like actually producing products and services have become secondary to the manufacturing of profits, even when the fundamental business operations are producing losses. Consider the spectacle of ExxonMobil, putting investment targets above the production of more oil. Or when the US automakers decided profits and stock prices trumped making cars people actually wanted to buy.
When banks could not wander off into the wilder realms of speculation and exotic debt instruments, it was sufficient that they be humdrum, predictable, non-glamorous and prudent. Any sound banking system requires that someone be in that position, most of all when it comes to consumer and small business deposits and lending.
Until the US banking system goes back to fundamentals and stops pressing its nose jealously against the investment banking and insurance industries' windows at the wild party inside, we are in for a spot of trouble...

it would be great if we could all stop using credit cards but with rising food and fuel prices let alone everything else credit cards are what most unemployed and underemployed families live on. in the earlier 19th century corporations were only allowed to exist for a period of 5 years for fear that they would become to large and begin to control working peoples lives. well guess what? we're out of control. corprate america and ther greed machine have bankrupt america helped mainly by greedy bankers and their plastic money. hello new world order.

Anything that offers the elimination of class action suits is a good thing IMO. Those are just legalized blackmail that mainly benefit lawyers.

Having worked in the financial industry I can tell you that yes, everything they do is designed to screw the consumer and make themselves money. On the other hand, a sizeable number of the problems out there are the fault of the people themselves. Too many people are simply incapable of managing their own finances in a good situation and coupled with the banks and credit card companies intentional tricks it's a recipe for disaster.

After being a loyal CitiCard customer since college, in the 80's, I just today canceled my CitiCard.
I received a letter stating they were raising my APR to 17.99%, for no reason. Just new terms due to market conditions. The letter did give me the chance to opt out of the agreement, which I certainly did. Carrying no balance on this card and getting a rate hike, certainly does not make good business sense and Citi has just lost a long time loyal customer.

it would be great if we could all stop using credit cards but with rising food and fuel prices let alone everything else credit cards are what most unemployed and underemployed families live on. in the earlier 19th century corporations were only allowed to exist for a period of 5 years for fear that they would become to large and begin to control working peoples lives. well guess what? we're out of control. corprate america and ther greed machine have bankrupt america helped mainly by greedy bankers and their plastic money. hello new world order.

I don't use credit cards anymore,(I'm almost done paying off one @ 24% interest), but I can't rent a car, make hotel reservations, etc. unless I have a credit card, so what are people to do? It seems cash is no longer any good. In fact, some places charge you if you want to pay yur bills in cash!

After being a loyal CitiCard customer since college, in the 80's, I just today canceled my CitiCard.
I received a letter stating they were raising my APR to 17.99%, for no reason. Just new terms due to market conditions. The letter did give me the chance to opt out of the agreement, which I certainly did. Carrying no balance on this card and getting a rate hike, certainly does not make good business sense and Citi has just lost a long time loyal customer.

People need to remember that banks are only out for the banks and the same people who own or work in the upper levels are the ones who hire lobbists to take care of the politians and support reelection bids for the politians who pass the laws thay want.

debt=slavery zeitgeist

People, please - credit card loans are unsecured debt. There is no collateral to back up what people borrow. As such, credit card companies have a lot to lose when people don't pay back what they've borrowed. Stop hammering these companies who issue credit cards. They have a right to cover their losses and to make some semblance of profit.

Seriously, would you loan money to people you don't know without some sort of guarantee of payback? I don't think so. These companies have no such guarantee.

Like it or not, higher interest rates and late fees are a necessity to recover their costs, as well as their loan losses. Unless you want these banks to stop issuing cards to the public at large, leave them alone. They have a right to make a profit, just like you and I. Take away all consumer credit cards and watch what happens to the American economy - so long! This is just common sense. Profits = Revenue - Costs - wake up and get real.

Get off the credit cards and put your money in credit bereaus. They work for the members, not the shareholders.

Thank the good lord for some Democrats that are willing to stick their necks out and attempt to change the corrosive corruption the current administration has hung its hat on for the past 7 years.

America is not the land of the free anymore. It is a country full of slaves owned by corporate interests.

Wake up people, the only way to win is to get rid of the corrupt federal reserve system. until that is accomplished the people will own nothing the goverment will own nothing and the banks will own everything. The federal reserve is made up of 12 branches half of which are owned by other countries, these my friends are all the heads of the largest banks not the goverment like you may think. the board of govenors, the federal reserve were named to confuse us. they have nothing to do with the goverment except that the president appoints the chairman.Ben Franklin knew that the control of printing of currency and it's value was to stay in the hands of the goverment and it did until $#@##$# face Woodrow Wilson amended the constitution in 1913 which gave that control to the newly formed federal reserve(big banks) now they control the print button as well as the interest we all have to pay.Ben Franklin all ready knew what happened in England when this power was given away and did not want to see it happen in this new country we call USA.Think about this: say you bought a house for 100,00 and pay 5-8% interest for 30 yrs from a bank you will pay back over double the amount you borrowed. That 100 plus thousand for interest will be making it's way back to these 100 million salaried plus bank ceo's.Now think if the goverment it's self gave you that same loan but only charges you 1% interest(the goverment is not in business to make money) that's why we pay taxes.Think of all that money you did not pay in interest? what could you do with that savings maybe more trips retirement,new car better health and it goes on not to mention the money you would put back into the economy. look it up federal reserve act of 1913 and if you have some common sence you will be able to see the large picture graci friends

Mandatory arbitration has already spread. Employers are now forcing mandatory arbitration contracts upon their workers, and many employers will no longer offer any severence package without your further signing a pre-settlement form. Your severence is your pre-settlement against any and all future claims.

So... I won't work for anyone who asks me to sign an arbitration agreement. I won't pay for my debt. The bank can try to sell my house to the Saudis for all I care.

All over America middle-aged families are moving back home with their retired parents. There isn't a family in the country that isn't facing IMMEDIATE layoffs. Hedge fund managers are scamming the global marketplace and idiots are chasing red herrings like Global Warming and biofuel.

@ chris: Yes, you can (no political pun intended) live prosperous without ripping of people. Just look at Europe, where banks are doing very well, and where customer protection is at levesl that would make banks here claim banking is impossible.

If the credit card companies are doing something illegal, then they should be punished. However, if what they are doing is legal, although perhaps unethical, and consumers get in trouble, who is at fault? Once again, no one wants to take responsibility for their own actions. It's not anything new to see credit card interest rates at 12, 15, 21, 25 percent. Why the shock and dismay? This is a free market, if you don't like your company's policy, don't use their card. If they all have the same policy, don't use any cards. It's still all about supply and demand and the ultimate power still rests in the consumer's hand...just stop giving that power up. I can only hope the government stays out of this, because it won't make it better, it will only screw it up more.

Power lies with the people in our decisions to do it the right way.

It seems to me that the time is coming near for a real revolution but I don't think that will happen because too many people still have too much to lose. Also the revolutioners need a plan and to know what they want. It's not going to be easy. Who leads it? Who takes over? Clearly the people in charge need to be taken out. They are the problem, not the solution. Who will we be fighting? How? Is it really their fault? We kind of let them go as they will. We are not vocal enough! It is our fault that this is happening and that it has gone this far. Of course more people are working more for less so that's a big problem too. We got sucked into a life that we have little control over and we are so tired from working so hard!

There's a clear difference between ambition and greed in my opinion. Ambition is what makes the world go round, ambition is what makes Capitalism great because and individual is able to be paid appropriately for the amount of creativity and work they put into it. Nothing is more American, in my opinion, than the Entrepreneur. Greed is where people get profit off the harm of others (competitors notwithstanding). Greed is what can destroy Capitalism because laws that benefit them and harm others are lobbied for, giving them an unfair advantage in what is supposed to be a free market. And then we turn into a Corporate Oligarchy. There is a way to maintain the sanctity of ambition while hurting those who are just greedy, and it's called enforcing the Anti-Trust Laws. And that's my two cents!

Picture this..........every cardholding consumer finds a way to payoff all credit card debt within the next six months. No charging afterwards and hold off doing so for about a YEAR. Let's see what happens then. Think we'll be a bit more appreciated then? Maybe the credit card companies would be less apt to push consumers into corners again with all this foolishness? I think so.......

Remeber that karma still exists and "What goes around comes around". Evenutally all debt will come due and payable. Ninety-nine percent of the population can not afford to pay their debt if it was all due today. Even the Government can not pay its obligations if they we due today.

Having worked in customer service for a MAJOR credit card co. for 10 years, I saw a change from take care of the customer to plain "take" the customer. These banks went out of their way to encourage people to spend money and revolve balances on these cards. In fact we were given bonuses if we got people to use the cards more! I ended up leaving the business in part because I could no longer stomach the big push to make people spend money they didn't have. Binding Arbitration is just another way they have found to get the customer. The industry is who hires the arbitrators folks!

GUILTY! As discussed here, if you are late with one credit card, your rate will climb for all of the credit cards you own. This alone, PROVES communication between and collusion amoungst the various credit card companies, banks, credit reporting firms, and information brokers. With the case and facts being this obvious, we can all sit back and wait and watch to see if our legal system and our political institutions represent us and law and order and this country or if they represent the corrupt corporations and Wall Street.

I recently quit working for a major financial institution,(credit card division) because I could no longer defend the people I worked for. In the simplest of terms, banking institutions are not service-related industries. They are purely "for-profit" businesses. Banks are accountants and numbers and bottom line only.

I believe our congress need to be more concern about their constituencies that voted them in. Get busy congress and do your job. For once help the people you represent and put an end to these outrageous charges the banks and credit card companies are chargin their customers.

People.... No one can take away your right to a trial by Jury. Arbitration is only their way of scaring you into paying. Arbitration has no power. Sure they always make a ruling for the banks because they keep them in business, but their power ends there.

Last time I checked every for profit company in the world is in it for themselves, not the consumer.

If you have a probem with that you have a problem with capitalism.

You always have a choice and power over corporate america. Just choose not to use their service. If everyone does that, than corporate american cannot screw the little guy. You have to decide what is priority in life. Spend only what you make and then you won't need a credit card.

Two words: Credit Unions. Just a thought. I dropped "Bank of the Northern Hemisphere" years ago and have never been happier.

For years, the these big banks pushed through legislation that kept smaller banks and credit unions out of "thier territory" of high risk, high profit schemes. Now, they are reaping what they sowed and you are paying the price (higher ATM fees, raised interest rates, etc). I say screw them. And screw the people who let themselves be talked into all these things that they couldn't afford.

If you want an alternative to the big banks that you see in the news, throwing your money at a whole that sensible people saw coming from a mile away, just go down to your local credit union. Member owned, where you have a voice and people who have your best interest in mind, because, at a credit union, your interest is Everyone's interest.

OK I in the same boat as everyone else. But guess what I don't see this way. I got to the dock and got onboard, now I want to complain that the boat is rocking. For all your overspending nuts (me included) STOP IT!! Use credit only as a last resort and learn to live within your means. I did for a while all was fine now I overstepped my limits and TADA lotes of high interest debt. People open your eyes and be aware. If we all threw out our credit cards and stop using them you don't think they would bend over backwards to get you back. But alas, the new plasma awaits at Best Buy, so it will be ok to pay in a year, right. Same issue with the mortgages if you can only afford a condo don't try to get that 5 bedroom 3 bath house sure it seems to good to be true IT IS!!

usa is not a democracy it is a plutocracy,that is the one with the most money rule and they rule over government

Credit Unions = Banks Nightmares, because it goes to the primary sharehold which is you the person who has money in the bank.

The mortgage crisis currently effecting our country is minor compared to the spiraling credit card debt and the lack of federal controls limiting the sky rocketing interest rates imposed on consumers by the banks and credit card companies. Miss one payment and the 9-15% rate jumps to 22-27%. This is sucking money from the economy directly into the banks/credit card co's profits. Anyone else see this as a problem? Now take away the rights of the consumer to argue against them. Keep punishing the consumers and taking more spending money out of the economy and we end up with just another reason our economy is where it is now - in a recession.

Eliminating credit cards and living within your means is rough but it can be done. We are doing it.

One way to get them back is to always pay off your balance, if possible. Remember, the credit card companies are in it for the money. They are not extending credit out of the kindness of their hearts. Not defending them, just being realistic.

It is time for us all to stop dealing with these parasites, (AKA credit card companies)! Pay cash, or join a credit union. Many accept non-employees as members. You will see an immediate improvement in your quality of life!

Wealth and corporate consolidation, it happened in the decades before the Depression and it happened again. Welcome back, robber barons. I just wish the media hadn't slept on the amount of money Wall Street and the top 1% were making while our wages were/are stagnant and prices keep rising. But then again, who owns the media??? Bring back the trust busters.

My family worked very hard to pay off all credit card debt. We still use them but keep track o fspending with the rule that no balance may be carrier over from month to month. That way I borrow money for free, have the convenience of a card and earn those silly little reward points for whatever good they are. I understand not everyone can do this but it feels good to get something for nothing.

TO ALL YOU IDIOTS WHO VOTED FOR BUSH/CHANEY 04, NAME ONE THING THOSE FOOLS DIDN'T SCREW UP. FOREIGN POLICY,HA! HA! HA! HA!. ENERGY POLICY HA! HA! HA!HA! HA!. ECONOMIC POLICY HA! HA! HA! HA!. TRICYCLE POLICY HA! HA! HA! HA! QUAIL HUNTING POLICY UT'OH!!! EVERY BODY DUCK!!!!!

This is all well and good but nothing will ever change. There are so many issues that people including myself get worked up about, but again I reiterate nothing will ever change. "I love my country I fear my government" It is supposed to be the other way around. This will never be again.

When the Fed raises interest rates banks immediately raise their rates. Buy when the Fed lowers interest banks immediately lower their rates on money deposited within their bank. However banks are slow to lower their rate claiming “it takes at least 2 weeks and sometimes more for the lower interest rates to take effect”.

Banks and lending institutions have been out of step with this economy. Our economy depends upon the lower to upper middle income class earners. This segment of this nation runs the economy. When they do not have money to spend they stop buying homes, cars, refrigerators, et al. When this approximate 80% of our population stops spending the economy goes into the toilet. However, take a look at those in the banking institutions. Upper end executives received huge bonuses. High end managers got raises. But at J P Morgan Chase in particular, some employees such as tellers and group level manager received NO increase in their hourly rates. Their reason? There was no increase in inflation. Take a look at gas pump. J P Morgan Chase employees could greatly improve their lot through collective bargaining!

If the credit card issuers use arbitration to settle disputes with consumers does this mean that they must use arbitration to collect on past due accounts? I can't see how it can be justified that a civil judgment can be entered against you in court by the credit card companies but you are not allowed to sue them in civil court and you have to go through their system, isn't this two separate and unequal justice systems?

It's interesting that those "rugged individualists" bad mouth trial lawyers and frivilous lawsuits, until they themselves need one. Arbitration works in favor of businesses because it pits the lone consumer against the big boys. Class action allows consumers to leverage their strength as a large group with similar interests. Poor, poor big business, having to go up against a group of consumers that they ripped off.

Credit Unions are definately the way to go. I have a 9.9% fixed interest credit card, no cash advance transaction fee, and no arbitration clause. All you need to join a credit union is a $25 minimum account, which is interest bearing. You just can't beat it!

My husband recently crashed his car so we had to buy a new one quickly. We pulled together our resources to avoid taking out a loan -- we literally wrote a check for the car. (Since we could manage it, barely, why pay for the loan as well as the car?)

If you've bought a new car you know you have to sign dozens of forms. I read them and found a manditory arbitration clause. This is NOT with a bank, this is with the car dealership. It was almost a deal-breaker; if we had wanted to pay more rental fees I would have tried to negoatiate to change the contract. As it was, I just hope nothing goes wrong with the car.

banks, insurance companies, used car salesmen, 419 scammers...

cut from the same cloth

I don't use credit cards and when I get any solicitation in mail or by phone I threaten to file law suit if they continue harrassing me.....its time the consumers fought back against credit card companies and banks whom I consider raping consumers with their eyes open and getting away with it.....

The best way for a consumer to get even with the credit card companies? Stop carrying a balance and stop using them. Period.

Of course. They have been doing it for years, and not just on arbitration clauses. This smoke and mirrors industry is the next big collapse.

Seriously, I don't agree with the way Banks and credit card companies work, but I see an awful lot of whining going on here. Everyone who posted here will probably go out tonight and buy gas and groceries on their credit card. If you really cared you would change your actions. If you don't want to be in a contract where you are forced into arbitration and have an interest rate that can change at a moments notice, don't use credit cards. Seriously, all words and no action. Cut up your cards or shut up.

This whole experience also shows how a Republican-dominated Congress won't do anything to protect consumers. The banking industry in general has pretty much had its way under Bush, adding not only mandatory arbitration, but stepping up practices like universal default, changing interest rates on a whim (thus creating cases they want to go to arbitration), and encouraging mixing of balances where payments get applied to lowest interest rates first. Oh, and permitting cards to go over limits and then charging high fees when they do. They can count on the GOP "personal responsibility" crowd pontificating over any problem being the individual's fault for "choosing" to do business with them, but as this shows it's oligopolistic and dedicated to giving the consumer the shaft.

What the so-called personal-responsibility crowd is really doing is holding companies to much LOWER standards than individuals, as much of the comparable individual gaming of the system has been criminalized.

The GOP Congresses also were the ones in charge when the housing bubble was building and did nothing about the predatory lending. While some Democratic incuments take too much money from the banking lobbies, at least with them we have the great majority of people with conscience (like Sen. Feingold) and enough to pass some level of consumer protection as long as it doesn't need a veto-proof margin. When was the last time Congress passed something that really helps consumers? It sure hasn't happened with Bush, and won't with McCain, either.

In the meantime, look into credit unions and JOIN ONE OF THEM. Many offer credit cards with lower and far fewer fees than banks (try finding one with no cash-advance fee at a bank!)

Simply put...(P)RESERVE YOUR RIGHT TO LITIGATION, sign ALL contracts with A.R.R. (All Rights Reserved, noting that it is pursuant to U.C.C 1-207) and works. If there is a specific RESERVATION (on your part in agreeing to) what is specified in the small print, such as the "mandatory arbitration" clause, this may offer a "renegotiating" of T/Cs, or legal action.

...and we are so distracted by TV and Gossip Girls and Miley Cyrus to pay attention...

where is our French Revolution, American style?

Think about it - rack up all the money you have paid in fees in the last 5 years (house bills, insurance, credit cards)...I bet it runs into the tens of thousands of dollars.

What I don't understand is...why are we paying more for "profits" - when the world is becoming more automated?? Computers need little maintenance, and tellers are becoming dinosaurs in our world. But fees are going up. Why??

WAKE UP PEOPLE....DID YOU KNOW THAT BANKS NEVER USED TO CHARGE INTEREST ON BORROWED MONEY TO DO SO WOULD BE OUTRAGEOUS...WOW HOW MONEY WORKS NOWDAYS...GO BACK TO YOUR SHEEP PENS AND GET TO WORK

wow i wonder what the people from americas past did
when there was really no "credit cards"

In Pennsylvania, the arbitration clause has been thrown out and cannot be used to collect on a credit card debt. They will still include the arbitration clause however, and it is also included in writing along with your new credit card. The company will tell you that you knew it, although many people throw out these extra little papers in their billing without reading it. Since the arbitration company is working for the credit card companies, don't expect to get any results if you live in a state that recognizes the clause.

lets just CHUCK banks, and go to bartering systems?

This doesn't have anything to do with whether or not one should use credit, or take out loans they can't afford. This has to do with companies, backed - even supported - by the Federal Govt squeezing every dime out of our pockets. This is desperation from any angle in which you view it. Rest assured folks, the economic prosperity check or dirct deposit you get, is not intended for YOU. It is intended that you spend it to get it flowing back into our wilted economy. And rest assured also, alot of people are hoping you will drop by put it into their cash registers. Look at the price of gas. Do you really think this is not at all unintentional? No doubt,the cost of some products and services have increased in anticipation of you getting that shot in the arm. It's all just another scam. This one is different as our own Government no longer has the integrity to disguise the fact that they are fully involved, and behind it.

Exhorbitant fees and interest rates are making money by the bucket loads for banks. Therefore, as a result, they pay very LOW interest on savings and CD's. So who is being hurt on both counts? But -- big money, big business, big corporations - CEO's - Dubya's buddies are laughing all the way TO the bank and they sit IN the bank. The "market" will take care of itself with no regulation? Yep, it sure has taken care of "itself" - look how much richer the rich have gotten. Ethics? Good business practices and customer service? When they are all in collusion together with the fox guarding the hen house - the market sure has taken care of "itself". We are sometimes FORCED to use credit cards as in hotels and rental cars. They want that credit card so they can also try to find any extra charges to put on the consumer. I had a rental car company refuse cash payment a couple years ago. The only way we are going to stop this insanity is to learn how to become a cash only society again for everything we possibly can and when we are forced to use a credit card - pay in full and USE their service with NO interest to them. We, as a spoiled society, must learn to delay instant gratification as our parents and grandparents did when there were no credit cards. When WE deny them the profits of interest and fees - then they have to make a change. We let it happen - now it will take a monumental, united effort to put the squeeze back on them as they have done to consumers. Some of us were smart enough to use them at their own games and switch our balances around when they didn't charge a fee to do that - they took away that caviat so our only option is use them only for emergency situations and pay them off in full every month. Use the convenience, cheat them out of the interest and turn the tables. That means taking the time to THINK before charging - and making it pass the test "can I live without this if I can't pay for it now?" If you can live without it - then live without it.

I love these Republican so called "conservative" idiots who think that usury, theft and arbitrary changing of contractual terms is just ok with them. They are the same geniuses who brought about the 1929 crash by raping and robbing everything they could get their hands on. 70 years later they lobbied like crazy to get Glass-Stegall and every other firewall lifted so that they could do it again. They love the free market EXCEPT when they have to take risks or fail - in which case the government and the Fed is just all right to bail them out.

I've known about these scams since I was in highschool back in 2000/2001. I had a credit card for the first year of college. Once the semester ended, I cut up the card, and have not used a credit card since then.
There is no need for such a thing, especially if you have any sort of self-control. Pay with cash or use your bank card. If you don't have the money for it, you probably shouldn't be buying it.
While that's all well and good for the small things, I do understand the need for a fixed interest rate bank loan or mortgage. I got my car in 2003, took out a car loan, and I paid it off 1.5 years early and avoiding paying all that extra money in interest rates.
It's my money, I work hard for it, and I plan on holding it away from scumbag CEO's as long as possible. I do hope their companies crumble around them, I can think of nothing funnier.
In fact, I hope they make a reality show about it. "Now for another episode of...'Corporate America files for Chapter 11' *crowd cheers*."

This story doesn't surprise me at all! I worked in banking for 20 years for a locally owned bank. It was a pretty good job, until they jumped on the "branch banking" concept that all the big banks were doing. The Federal Reserve did a change in check processing and all the banks had to change to their demand. I worked in the department that straightened out bank/federal reserve bank errors. When I would contact the big companies, like Citibank and Bank of America to correct their customer's double posted checks, they would refuse to take the information and fix the error, saying their customer would have to contact them and then they would correct it. I'm talking thousands of dollars in errors. I realize this isn't "about Credit Card Arbritation", but it is direct experience of just how calloused the banking industry is. All of these large banks had the same policies. They did not take telephone calls, you had to write letters. There is no customer service and to make a complaint, you can't even talk to them on the telephone. I could go on and on. I paid my credit cards off and I am now out of the banking industry, because they got rid of the more mature workers and moved our corporate offices to South Dakota where there is no state income tax. Pretty sad situation. I use a small bank, who answers the telephone and gives me free checking. Americans need to take their power back. Screw the big corporations.

Naturally the coporate power structure in the country shifted to MBA (mutual binding arbitration) because it did exactly what the article states by removing consumer rights and illustrates a larger issue about personal rights in a corporatized world.

Check your copmany policies and some will state that by working here and parking on this property, your car suddenly becomes accessable to the company security force and they can call the police to do search and seziure while you're inside working.

MBA allows companies to do this because you've signed the contract, and you've signed away your right to sue, which is most cases is the only way people have to protect themselves in this day and age. The kicker is that the company will always supply the arbiter because thier companies are essentially employed by the larger coporations. If that isn't the very definition of collusion what is? Individual companies don't all suddenly suffer from a complex to spontaneously change thier policies.

The variable intrest rate is the biggest crime of the century so far. They exist in almost every single contract, from TV and cell service to mortgages. This is in part of what helped screw up the entire economy, and it is undeniably criminal.

It is unfortunate we the people have sat back for so long doing nothing while our heads of state benefitted along side the corporates. This will keep going until we reform the entire government from top to bottom. I hate to say it but the government doesn't represent the people, and hasn't since at least Nixon.

What a hassle.

This is the problem with Washington and it has to stop. Lobbyists are writing legislation that is designed to be pro-corporate America not pro-consumer.

This story doesn't surprise me at all! I worked in banking for 20 years for a locally owned bank. It was a pretty good job, until they jumped on the "branch banking" concept that all the big banks were doing. The Federal Reserve did a change in check processing and all the banks had to change to their demand. I worked in the department that straightened out bank/federal reserve bank errors. When I would contact the big companies, like Citibank and Bank of America to correct their customer's double posted checks, they would refuse to take the information and fix the error, saying their customer would have to contact them and