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Former Bank of America and MBNA Employees Expose Unethical, Predatory Credit Card Practices

September 24, 2008

Press Release (PDF)

“We were doing things that were absolutely unethical…It’s unimaginable to me that Congress allows these things to happen in this country.”

– Cate Colombo, Former MBNA Customer Service Representative

With the U.S. House of Representatives having passed the new Credit Cardholders’ Bill of Rights, former employees of credit card giant MBNA, now Bank of America, are stepping forward with Americans for Fairness in Lending (AFFIL) to share startling first-hand accounts of how their employers deliberately misled and manipulated consumers into taking on unmanageable amounts of debt.

“With our economy slowing and Americans turning to credit cards to cover everyday necessities such as groceries, gas, mortgages or medical care, consumers need to know how they are being targeted and taken advantage of by credit card lenders,” stated AFFIL Executive Director Jim Campen. “Many of these companies have taken advantage of deregulation to adopt a ‘tricks and traps’ business model that drives consumers ever-deeper into debt. The more consumers know about these deceptive practices, the more passionate they become in calling for an end to predatory credit card lending.”

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