Posted on 03/09/2005 1:45:09 PM PST by DannyTN
I work in the area, read significant portions of the bill, and tried to keep up with the amendments, and I have to tell you that I cannot tell you what planet Frist is coming from on these comments because they are almost all complete bs. About 5% of the cases I see could be considered abusive. The balance are caused by divorce, illness, injury, job layoff and entrepreneurial failure in that order. The bill will have the practical net effect of causing substantial numbers of insolvent Americans to not obtain debt discharges and these Americans will no longer be able to function effectively in the economy. I am already figuring out how to make a lot of more money off the new law changes than I am under the current law. MBNA et al will make more short terms profits. We are the winners. However, it will be awful for the macroeconomy of the country.
credit unions are most often a better deal. and they'll
take damn near anyone.
That's where I had him put his money - much better than banks !!
This bill is an unmitigated disaster. Credit card companies have lent an obscene amount of people money under one set of rules, now they don't like what's going on, so they decide to change the rules half way into the game. This is putting the powerful over the people.
you need look no farther than the sosh security talk at my
college night classes to see kids are not educated in school
about everyday economics so the parents must do it (as you did)
Unless you're a credit card company, that is. In which case, you get to re-write the law to take all risk out of your business.
Oh wait--even that's not quite a free lunch. You still have to line the pockets of quite a few Senators...
Yes! And when we conservatives start saying these things, the Republicans would be wise to listen.
The point you mention is critical and has been ignored by Frist/Biden et al. The last 11 years of debt contracts (the last major code overhaul) have been entered incorporating the terms of the existing Bankruptcy Code, pro and con for both parties. Now the CC lenders effectively rewrite those terms dramatically in their favor on these prior debt contracts ex post facto. To wrap up this after fact change in terms in the cloak purported abuse corrections is just bs.
Why has this bill received little to no attention from us until it is almost ready to become law? It is probably too late to start a protest.
Why has this bill received little to no attention from us until it is almost ready to become law? It is probably too late to start a protest.
you are right...the Dems can do a whole lot of damage among red-state voters of modest income if they play their cards right on this one!
However, even I (Miss read EVERYTHING before signing and save EVERYTHING) never thought to read the fine print of a silly little interest bearing savings account for a 17 year old kid to deposit his part time paycheck.
Live and learn - and start teaching econ 101 in high school!!!
I know a guy who works for a west-coast firm that makes large servers for the major credit-card issuers. A#1 priority among all of the specs that they are given by these companies that buy the servers is...MAKE THEM BOMB-PROOF! (what does that tell you?)
"Every bill you and I pay includes a hidden “bankruptcy tax” of $400 a year per household. That tax is figured into in every phone bill, electrical bill, mortgage payment, furniture purchase, or car loan we pay."
This is hilarious, but even if palpably "true" the idea that any savings of the related companies would be returned to us is naive.
I have a son and a nephew that both fell into the college credit card thing and sadly are still trying to find the light of day.....
believe it or not, I let my son have OUR credit card throught out his college years...he never abused it....but once he was near graduation and out of school....it was just to much of a temptation....
I would agree except for one thing. Several studies in the last decade have demonstrated that people are likely to spend more with plastic than cash. ATM and Check Cards included. One of the best ways to get spending under control is to use cash, where you can not only have to count out what you spend, but you're forced to look at the ever diminishing pile of money with every purchase.
to a large extent, I can see where people have gotten away with murder when it comes to bankruptcy.....I know people that declared it when they were in one small house, kept that house, bought another and now have a huge RV to boot,as well as take the very nice Disneyland vacations with all the trimmmings.....
so, how could they do all that...have two houses now, rv and money to burn, yet just about 4 yrs ago, had to declare bankruptcy?
The "naive" comment is dead on. I think the "bankruptcy tax" comment by Frist is BS as well. Missed payments and periodic defaults are profit opportunities for CC lenders and not something they want to avoid. The real issue is why is Congress changing the terms of the marketplace that have been in place the past 11 years (last code overhaul), upon which all these debt contracts have already been written, in favor of the CC lenders. And to date I have heard no good reason why other than it will make me and MBNA et al more money.
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