Can all of these outraged cardholders come together to form some sort of class action lawsuit in response to the recent rate hikes? We asked Michael D. Hausfeld, a prominent civil litigator and Chairman of Hausfeld LLP
, about this. “The short answer is probably not,” he said.
Hausfeld explained that in most cases, the major banks are acting with foresight and within their limits, despite the fact that some of them are increasing costs associated with credit card debt. Responsible banks, he said, are usually mindful of how far they can go in pushing credit card debt without violating the law.
We know this isn’t comforting news for many out there, but it’s the reality: Banks aren’t generally fly-by-night operations. They have a lot of money and resources to devote to legal compliance. If you want more effective relief, Hausfeld suggests cardholders bring the issue to the attention of state and federal legislators.
The good news? It seems like as long as your video states your situation accurately, without exaggeration, there isn’t much the banks can do to shut that channel of communication down. You can get the truth out, and someone—either in the media, in Washington or at the bank—will eventually have to listen.
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