Friday, April 26, 2024
Miles from the Mainstream
D. R. ZUKERMAN, proprietor
LPR Calls for Full Disclosure

JANUARY 16, 2007 --

The number of commercials on radio announcing ways to obtain credit card relief suggest to LPR that American
consumers are weary of aggrandizing by credit card companies.

LPR calls on Congress to require credit
card companies to inform cardholders how much their alleged late payments cost the credit card company -- and how much the companies recoup by the punitive interest rates.

If LPR recalls accurately, parties alleging loss from breach of contract are supposed to mitigate damages, not use their claims for windfall profits.

LPR has learned recently of a class action suit challenging a credit card company's interest rates, late charges and over-limit charges: Wells, et al., v. Chevy Chase Bank Bank, F.S.B., et al., Case No.
C-99=000202, Circuit Court for Baltimore City, Maryland. (This writer is in the plaintiff class.)