Chicago, ILL. (Vocus) August 20, 2009
Two major arbitration firms, American Arbitration Association and National Arbitration Forum, are backing away from the business of resolving disputes between consumers and credit card companies until new guidelines are established. CreditCardDebt.org, a credit card debt resource center, offers credit card users access to ways to get help for their consumer debt and eliminate credit card debts.
Arbitration is a controversial system that many credit card companies use to take away an account holders right to file a lawsuit and rather must deal with their consumer debt through arbitration. When applying for a credit card, consumers must agree to mandatory arbitration and waive their right to sue if they have a dispute with the credit card company. Credit card companies argue that arbitration is more cost effective and less time consuming than both parties going to court. However, according to the NAF, the companies prevail over consumers in 94% of cases.
This complication is adding to a long list of trouble the credit card industry has been facing lately. They have been dealing with rising delinquencies and defaults due to the recession while sorting through new federal laws that will restrict some fees, limit interest rates and require companies to provide more disclosure to customers.
More sites are popping up to help consumers with their mounting credit card debt and disputes with their credit card company. CreditCardDebt.org is a credit card debt resource center for consumers interested in obtaining information about various items concerning credit card debt. The website is designed to help consumers find solutions to their debt problems. It offers tips, tool and resources for consumers to eliminate credit card debts and create a stable financial future.
The Credit Card Debt Resource Center, was founded to help people with credit card debt. Our goal is to assist consumers looking for answers on topics related to revolving credit debt. To achieve this goal we have put together a variety of resources including a Credit Cards 101 section, a glossary, a credit card debt calculator, state guides, a section with the latest news – specifically about Credit Card Reform, and an advocacy section. Our goal is to assist you in regaining control of you financial life.
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