AFFIL: CREDIT CARD BANK WORKERS: THEY TRAIN US TO TRICK YOU
September 24, 2008
Below is information and a link to a video about employees of MBNA and/or Bank of America, speaking out about their training to encourage people to borrow more and more money, and not advise consumers of their rights, such as the rights available to members of the armed services who are on active duty. This really doesn’t surprise me at all, I’ve told my clients for many years that credit card debt is just a racket. J. Thomas Black, Houston
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Dear J. Thomas,
Earlier this year, former employees of MBNA and Bank of America contacted AFFIL looking for a way to speak out about disturbing sales practices they were trained to use as employees. Their stories confirm what we’ve long suspected: that credit card companies extend credit to those who can’t afford it, and engage in a “tricks and traps” business model designed to max out cardholders and keep them on a debt treadmill as long as possible. Watch the video and listen to what Cate Colombo and Jerry Young have to say:
Here are some of the practices Cate and Jerry were instructed and trained to perform, and admonished if they failed to complete:
- Convincing overburdened consumers to take out additional credit lines, even when they were struggling to pay their current obligations.
- Offering only the highest interest rate on cash advances, even when customers qualified for a lower rate.
- Deliberately failing to inform the spouses of active servicemen and women that they were entitled to a lower interest rate under the Soldiers and Sailors Act.
- Aggressively selling overpriced “credit protection” plans with false or misleading information.
Cate and Jerry were featured on ABC’s Nightline last night, and Cate was on CNN this morning. The media is helping spread their stories, but more people need to hear this message. Please share this important video with your friends and family to warn them about what’s really going on inside the credit card industry!
Good news! Yesterday, the
House of Representatives passed the Credit Cardholders Bill of Rights. Let’s tell the Senate to get on board and take action and protect us from predatory credit card lenders. Send an email to Senator Chris Dodd, Chair of the Banking Committee, and ask him to include credit card rescue legislation in the “bailout” Congress is considering.
Thank you,
Sarah Byrnes
Campaign Manager,
AFFIL
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