Barney Frank: Consumers need to know these 3 things to protect against credit card debt investinyou (In partnership with acorns.)
Protective measures work fully only if consumers take advantage of them. This means reading the fine print in every financial agreement you sign and understanding what the contract terms and language really mean.
JPMorgan Chase sent me a lengthy document about a change they were planning to implement in the near future that would alter the terms of their initial agreement. It included a notice that unless I send them a signed letter by next month specifically refusing the change, I would lose my right to sue them if they violated my rights and I would instead be required to submit any dispute to arbitration. I immediately sent them the refusal — or opt-out — letter.
Compulsory arbitration also prevents borrowers from banding together to stop abusive practices, such as those of Wells Fargo, in which hundreds of thousands or more customers are deprived of amounts too small to justify the expense of a single proceeding but can be stopped if they can be litigated.
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