Chilean financial scandal: credit card fine-print rewritten by company to inflate consumer debt, Jun 22, 2011

Marcela Ortiz, Editor CI Santiago Office

Chilean company, La Polar, is the star of the latest major financial scandal in Chile. The lack of regulation of the retail financial market is also a protagonist in the recent drama. Marcela Ortiz, Editor at Consumers International Santiago Office, gives an overview of the situation so far.

La Polar, a retail store that has sold clothing in Chile for decades, has been found to have renegotiated the terms of the debt of nearly half a million users (418,826 people, according to known figures to date) [of its store credit card] without informing them, probably since 2005.

email: info@als-alexander.org or interalex2@gmail.com

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