What Is In Your Agreement Capital One?

Jay Fleischman, an expert at making credit card banks behave themselves, recently posted an article describing another win for the consumer.  In How Long Does A Creditor Have To Sue On A Debt? Jay describes how the foreign law provisions of the credit card agreement were enforced against Captital One Bank.

It seems that the credit card giant sued its Florida cardholder more than three years after the debt matured in violation of Virginia law, the state law specified in the Cardmember Agreement.  It takes some smart lawyering and hard work to make a big bank eat their own contract.  Congratulations are due.

This brings up the depressing topic of credit card agreements in general.  With the national banks allowed to pick their state of origin based on the laws governing their operations, it is high time for the consumer to win a round.  Unfortunately, this is a rare occurrence.  How many consumers even read the credit card agreement?  Isn’t it time for some consumer protection legislation in this area?

Few consumers consult a lawyer when sued over an unpaid credit card debt.  When they do, the lawyer consulted would be wise to take Jay Fleischman’s advice and “Always check the Cardmember Agreement”.  Actually, lawyers would be wise to take Jay’s advice on many topics.  Jay posts frequently on this list, as well as Debt Law Network, Mortgage Law Network and Bankruptcy Law Network.  He has his own blog at Debt Relief Center of New York and gives lawyers advice on many subjects at his Bankruptcy Practice Pro website.  When does he find time to practice law?