Debt Management

Are You Trading In Your Constitutional Rights for a Loan?

How would you feel about a physician who requires that you first agree not to sue if he were to botch your treatment? What about promising to never report the food poisoning you may end up contracting before the waiter agrees to take your order?  Ridiculous demands? Sure. So why is it OK to surrender these same rights to your lenders and the loan servicing companies that administer the contracts?  Take a close look at the terms and conditions of your credit card, auto and student-loan agreements, and focus on the section entitled Arbitration. There you’ll read how disputes between you and the firms that lend you money (and service the ensuing contracts) are resolved—not in a court of law, but privately, quietly and without your ability to involve anyone else who may have been harmed in the same way by the same companies...more

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