Again you miss the point, not suprisingly. If you issue a credit card to someone with no money and a track record of not paying their bills... guess what, you are going to have to face the fact you loaned money to a deadbeat. You should do everything in your power to make sure that doesn't happen again.. that's called being responsible! However, banks don't do that do they? They keep on lending money out to folks who have no way in hell of repaying and whine to Uncle Sam to bail them out.
Sorry this bill is nothing more than welfare for bad business practices. You loan money to poor borrowers, you go out of business... well at least you used to, until the Republican's sold out responsibility for campaign donations!
This bill makes it tougher to file Chap 7 bankruptcy, which means Chap 13 bankruptcy attorney's are going to get more business thanks to this law... and EVEN THEY ARE AGAINST IT! It is that flipping bad of a law!!
The Republican's on this law basically lived up to every criticism they have gotten about selling out to corporate america. I'm a life long republican, but this law is a travesty, and smacks in the face of responsibility.
consumers were using the bankruptcy laws as licenses to steal - while it is true that the lenders are not screening as well as they could have, that does not discount the fact that alot of americans were simply scamming the system. maybe now they will just shred the CC applications, and in time when the issuers seem signups tailing off, they will stop sending them.