You are more knowlegable that 90%+ of the public... the number once cause of Bankrupcy filing bar none is MEDICAL BILLS... and number 2 isn't an inability or non desire to pay their bills.. but illegal pressure by credit card collection departments that scare folks into filing bankruptcy!
Those 2 things represent more than 95% of all bankruptcy filings... the "deadbeat" argument is a lie, and the banks know it! But they can sell that horsecrap to the public, because most of the public has been sold the class envy BS that they will buy it hook line and sinker.. If we portray bankruptcy as a tool of the rich to avoid their debts, people will buy it.
Reality is, that's not remotely whats going on with bankruptcies... If you graph the number of credit card solicitations per year, and the number of bankruptcy filings you will see a direct correllation!.. Banks are completely irresponsible about who they will lend to, and don't want to deal with the consequences of that irresponsibility. Its cheaper and faster to buy congress... the Republicans including Bush should be tarred and feathered for this one!
I agree completely.
Credit is easier at all levels but the credit card companies are the worst of all. Mortgages (which is my line of work) are also too easy but I'd rather see someone go in debt for a home than for a surround sound system or whatever.
It is easy for those of you who have never had problems to be smug when it comes to credit but you have no idea how the laws that have been passed within the last few years are hitting vulnerable folks (such as single parents, those with major illnesses or job losses, students, lower income folks, the elderly). There but by the grace of God.....
I am appalled at how the federal representatives in this country have been bought off by the financial and insurance industry and have literally placed the noose around consumers necks. I could go on and on about how these laws have now been twisted to result in ridiculously high usury rates, penalties, and practices. Maybe someone can explain the difference to me between a bank that charges 30% usury and a loan shark? They have come up with complex processes to confuse people right out of their money (the payment windows have narrowed ridiculously, with days and hours attached, and as soon as you are one hour late on a payment, you can be hit with double digit rate increases, if you make too big a payment-they can shut your card down and not credit it for two weeks charging you interest during that time).
In addition, now that financial and industry are linked, they have created complex credit and insurance scoring algorithms that allow them to relate the two industries and also discriminate, legally, against certain groups and classes of people--by thousands of dollars a year. How would you like to pay a $9000 auto insurance bill simply because you are not married and don't own a home while your married friends pay $4800 for the same coverage.
If you have been fortunate thus far in life, you probably think that bankruptcies are caused by a "lack of responsibility" on the part of the borrower. NOT SO for many people. studies that were done indicated that most people go into bankruptcy because of medical debt caused by a major illness, job loss, and litigation (and we all know how just the legal system is in this country).
So now those slimeball legislators have taken away the last hope these poor folks had to recover a future for themselves by passing that bankruptcy bill.....they have created the PERFECT FINANCIAL STORM for anyone falling on hard times.
This is ONE area the bible talks so harshly about. The whole concept of stealing people's money and land through unfair means.