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Mr. Frist,
Do you think for one minute as soon as you make this bill law the credit card companies will drop their late fees and over limit fees from up to $50.00 each down to, lets say 15.00. And do you think these same companies will drop their interest rates - if you do you live in some far away fantasy land - I do not believe this harms only the wealthy that are trying to get out of responsibilities, I think it actually hurts middle income families that due to extreme hardship have no other choice but file bankruptcy - this bill makes it almost impossible for anyone to get a second chance.
The only way to get back at credit card companies is to refuse to use their product - we pay cash for everything and have for years - it really is not that hard and we never have to worry about loan shark credit card companies trying to come after our first born child.

"The only way to get back at credit card companies is to refuse to use their product - we pay cash for everything and have for years - it really is not that hard and we never have to worry about loan shark credit card companies trying to come after our first born child."

Actually, there's really no need to completely stop using credit cards. You just have to pay them off each month. I keep a couple with high limits, for emergencies, and I use them when I must, like in hotels and for rental cars, which demand credit cards since your bill is uncertain until you return the car or check out of the hotel.

I just pay them off the day the bill arrives. The one I use most is from my bank, and I can pay the bill by transferring money online directly to the credit card account. That's the card I normally use. The other one, I use occasionally, just to keep the account active. That one I pay the same day the bill arrives. No balance, no interest. They hate me, but they're not willing to pull the card, since I MIGHT use it sometime and get back into their cycle.

Credit cards are the worst possible way to finance anything. You should never use them to buy anything you can't pay for on presentment of the bill. For large ticket items, like cars, finance through another method.

It's so simple.

Great letter. I need to draft one tonight. The scary thing is that people tend to do freaky things when they are on the verge of bankruptcy. Families crumble. Clinical depression and health problems increase. A few on the edge decide they are worth more to their families dead than alive.

This is VERY serious stuff. And for our rich and powerful pols to side with the rich and powerful companies (and contributors) has all the ingredients to form a populist revolt. The GOP is idiotic to think that a few smart Dems won’t capitalize on this.

I’m a dedicated conservative, law-and-order guy. If you borrow, you pay it back. But for financial institutions to change the rules midstream (especially on low-income families) is not only wrong, it’s evil.