"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.
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.