How to deal with credit collectors arbitration?

Question

How to deal with credit collectors arbitration?

Answer 1

Hard to arbitrate with them, just pay them off and get it over with.

Answer 2

Pay off and forget!

Answer 3

Credit card debt arbitration is one of the biggest scams forced on consumers.  And there isn't very much you can do about it.

Check out these two links.

http://www.cardratings.com/creditcardbin...

http://www.forbes.com/home/opinions/2007...

Consumers lose 99% of their arbitration cases because the entire system is rigged against them.  There is nothing fair or arbitrary about them at all.

Fortunately, Congress has drawn up a bill on credit card reform, and one of the portions of this bill eliminates mandatory arbitration clauses from credit card contracts.

Unfortunately, the Senate banking committee is dragging their feet something awful on this bill.  It has been in the works for a couple of years, yet they just can't seem to get it out of committee.  Seems there are far more important laws needed to be passed.....such as pork barrel spending budgets and such.....

Contact your congressmen and try to get this bill back on the fast track.  I don't know of any other bill more important then this.