Chicago, IL (PressExposure) May 23, 2007 -- Today Debt Relief firm Franklin Debt Relief have unveiled their opinion on the practices of credit card companies in dealing with credit card users.
The credit card industry asks that consumers accept contracts that are excessively one-sided according to Franklin Debt Relief. Often contractual terms which are included by credit card companies are against federal and state law, and as such they could not be enforced in court. As part of Franklin Debt Relief's strong stance against the credit card industry they wish to put an end to onerous contracts of this nature by imposing fines for such behavior which they claim is merely there to scare consumers.
Bobby Zangrilli, of Franklin Debt Relief commented: "Changes in bankruptcy law now mean that a person's legal right to be stripped of all assets in turn for being stripped of all liabilities is a practice that is well known to be a last resort for both consumers and businesses that find themselves in unmanageable amounts of debt. However, this legal right made it difficult for credit card companies to promote financial products that were unsecured, because consumers would have a means by which to escape if they could not pay that debt. Now thanks to changes in legislation that was heavily pushed by the credit card industry, that option has become a lot more difficult to implement for consumers. At the same time as this, credit card companies offer special deals for students and unsecured credit cards at high interest rates which is, in our opinion, unethical and an altogether altruistic way of doing business"
Franklin Debt Relief also feel that charges levied by credit card companies are unfair because they grossly overvalue the expenses that they cause, and that instead of being made widely known in abbreviated overview documents, they remain buried under pages upon pages of standard terms until such time as they wish to start issuing them.
Bobby Zangrilli went on to say: "It is only when a person is in financial trouble that they become aware of the charges that they have to pay. At that point they are too far involved and it becomes impossible for them to avoid these additional charges. At Franklin Debt Relief we believe that these terms should have to be made more prominent to consumers and also that legislation should be put in place to cap these charges."
Bobby Zangrilli Franklin Debt Relief http://www.franklindebtrelief.com 200 S. Wacker Drive, 31st Floor Chicago IL - 60606