Arbitration: No longer an easy out for credit card companies?

Updated

You may not even realize it, but up until this week, if you had a dispute with your credit card company or your cell phone company, you likely could not sue them. You had to settle the dispute through arbitration. That's in the fine print of most credit card and cell phone company contracts. You'll find it in the fine print of other consumer credit contracts as well.

Well, the Minnesota Attorney General Lori Swanson has made major strides in giving consumers more rights when it comes to disputes with credit card companies. And the credit card companies likely will end up with higher costs fending off lawsuits now that they can no longer depend on their friends in the arbitration industry.

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