How can you characterize this statement of fact as merely an assertion? Let's break it down. Over the past 11 years CC lenders and Debtors have entered into loan agreements right? That's a fact. This represents billions of dollars of debt that is out there right now and that preexists the current proposed bk law. Those loan agreements incorporated the terms of the then controlling bankruptcy code and state exemptions laws right? That's a fact. These laws have pros and cons for both CC lenders and debtors right? That's a fact. The CC lenders knew what these terms were when they entered into these loan agreements right? That's a fact. Now the CC lenders are rewriting, through the new bk law, these terms dramatically in their favor, terms that were in place and relied on by the parties when all this debt was incurred in the first place, right? That's a fact. These new terms will apply to all that previously incurred debt, debt that was incurred under the the different terms of the existing bk code right? That's a fact.
Now is it fair for the CC lenders to use the state to rewrite these loan terms on all this outstanding debt after the fact ex post facto. I say no. You may like it, that's your perogative.
But you don't have to worry about it anymore. The Senate passed the bill today and its basically a done deal. I am no longer devoting any energy to opposing it. Instead I am now developing a series of tactics and strategies to exploit the awful aspects of this bill for my benefit and extract a substantially larger amount of money out of debtors and creditors than I am able to now under current law. Good luck with your prudent ways and, if you are like most Americans and living paycheck to paycheck, pray to God you are never stuck down by illness, injury, or a job layoff because if you ever are, us lawyers and MBNA et al will be there waiting for you and what little blood is left in you.
I will start out saying that I am a democrat. I will also state that I generally do not agree with your group on issues important to our country. That said, we find ourselves in agreement over the Bankruptcy Bill.
We may not care for each other, and will probably disagree on almost everything in the next few years, but this is our chance to actually work in a bi-partisan manner. We, on our side of the fence, do not want this bill passed, and it seems that neither do you. I propose that we ALL contact our representatives in the House and prevent them from passing this bill.
The choice is yours, and please in your responses, remember that I am making an effort at working with you on something we both agree on. I have not attacked you, nor do I wish to. I love OUR country and I know you do as well, we just look at the world from different prespectives. This bill is bad in so many ways and does nothing to help the people of this country, but helps the businesses that prey on people.
I call on you to help, to put our differences aside and work together on an issue we mostly agree upon.
Thank you for your time, and keep freeping, you certainly make my life more interesting.
Robert
You're assuming that all credit users are stupid. I think that's a fallacy. Some are, and some are scam artists. You admit that the lenders and the borrowers enter into agreements. What makes you think that the borrowers are too stupid to know what they agreed to?
It's true that some people are willing to gamble that luck will strike and that they will have a "windfall", either by lottery or law change, or something else. But life doesn't usually work that way. Planning is a better alternative.
BTW, I hope you're wrong that "most" Americans live paycheck-to-paycheck. None of has to do that. I know some do (in all income classes), but that's not really a very good idea. If you're doing that, try budgeting. It's a lot less stressful, and you don't have to worry about minor setbacks like loss of a job or a health problem.