Mississippi attorney general files credit card lawsuit

Credit cards are a complex source of financial flexibility. While they can help in certain situations, equipping Mississippi residents with potential purchasing power, they can also lead to financial challenges. Credit cards can inevitably lead to substantial credit card debt.

There are many ways to combat problems that arise because of credit cards. For instance, the Mississippi attorney general may take matters into his own hands. This is what recently occurred, when current Attorney General Jim Hood decided to file a lawsuit.

Hood brought the lawsuit on behalf of the citizens of Mississippi against six credit card companies. He claims that the companies are violating the Mississippi Consumer Protection Act. He accuses the companies of overcharging their consumers, possibly causing more consumer debt. He attacks the companies' practices of charging for payment protection plans -- which suspend payments in situations of death, disaster and the like -- to which Mississippi residents did not agree. The case remains in the early stages, with a panel of judges determining in which court the matter should proceed.

In addition to filing such group lawsuits, Mississippi residents can also take action on their own. A consumer protection law, like the Mississippi Consumer Protection Act, may carve out a situation in which a credit card consumer can file a direct action against a credit card company. There may be ways to combat or defend against credit card debt that has accumulated. Getting the right information about the available options is usually a good first step.

Source: therepublic.com, "Federal appeals panel tells Mississippi court to rule on jurisdiction in AG's credit card suit," Dec. 3, 2013

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