The government has no business writing protection laws for private companies, even profitable ones. Let the free market determine survival.
Interest rates are high enough to cover defaults for the ones who choose to pay high rates. Fact is profits are the highest ever for the CC companies somewhere around 300 BILLION!
KMART is a prime example how big business abuses the system. After 6 months of BK and shafting stockholders, bonds and most creditors they buy SEARS! The new law is silent on corporations only to force the "little" guy to pay up or else.
Come on anyone can see this is special interest law. The current system works just fine.
That's my take on it. Ironically, as I have posted elsewhere, I believe us lawyers (a constituency that has opposed this bill as being stupid and inequitable) will be able tap the new income stream that MBNA et al thinks it will getting from all these new 13's. MBNA et al you may think you are big mf'ers that can kick the hell out of these debtors, and you are, but we are the smarter mf'ers and we are going to take your cheese on this one while you do all the dirty work.