The swamp of credit card arbitration

Credit card arbitration has turned into a massive swamp of uncertainty. It's hard to sort out who is on who's side. The AP reports the National Arbitration Forum stopped arbitrating credit card disputes after it was sued by the Minnesota Attorney consumer fraud, deceptive trade practices and false advertising laws due to hidden ties with collection agencies and card companies. The American Arbitration Association has stopped consumer debt collection arbitrations until reform is passed.

So it's no wonder that Bank of America has moved to stop requiring all disputes be settled in arbitration. The process has certainly been tainted. You have to think that other banks will follow suit. Certainly, you would think lawsuits might rise.

For more:
- here's the AP article

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