Modern credit card agreements: 29 pages of “tricks and traps”

July 17, 2009 | By | 1 Reply More

Elizabeth Warren, the TARP Oversight Chair was on the Rachel Maddow’s show discussing the aggressive anti-consumer practices of credit card companies, and warning that the credit card industry is about to try to kill federal efforts to regulate the industry. She reminds us that in 1980 a credit card agreement was only about a page long. Now credit card agreements are 30 pages long, full of “tricks and traps.”

MADDOW: Are you worried that the [credit card] industry’s going to be about to kill [credit card reform legislation] in the crib? Reporting is that it’s their top priority to get rid of it.

WARREN: My gosh! I have to tell you, it’s like they’re stampeding in the halls already in Washington. the Gucci loafers. These guys have built up a huge war chest, they’ve been interviewing public relations firms to see who can come up with the next Harry And Louise ad to explain to the American people why they’re better off with credit cards that nobody can read, hundreds of pages of mortgage documents that nobody can read…the idea is you’re better off with how things are…forget all that stuff the happened over the last few years. And we promise to keep things up just like we did before. I just can’t believe they’re trying to sell that to the American people.

You can read much more on this topic at Jason Linkins’ post at Huffpo’s new Lobby Blog.

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Category: Corruption, Economy, Fraud, Politics, Psychology Cognition, snake oil

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Erich Vieth is an attorney focusing on consumer law litigation and appellate practice. He is also a working musician and a writer, having founded Dangerous Intersection in 2006. Erich lives in the Shaw Neighborhood of St. Louis, Missouri, where he lives half-time with his two extraordinary daughters.

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