Comments on: Congress Passes Bankruptcy Reform Bill http://www.outsidethebeltway.com/archives/congress_passes_bankruptcy_reform_bill/ Online Journal of Politics and Foreign Affairs Sat, 20 Mar 2010 00:12:36 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: bryan http://www.outsidethebeltway.com/archives/congress_passes_bankruptcy_reform_bill/comment-page-1/#comment-42959 bryan Fri, 15 Apr 2005 01:43:20 +0000 /?p=10086#comment-42959 I'm always skeptical that any such savings will ever sift down to consumers. I think there's a point at which the agreements in these card contracts are so convoluted, along with the almost universal mantra that you have to "establish credit" that the idea that everyone is walking into credit fully aware of the details is naive. I'd be curious to see a breakdown of how much is "profligate spending" and how much is bad luck, bad timing and just plain ignorance. There's also the fact that at some point, the credit card begins to become a self-fulfilling prophecy. It doesn't require any more spending at all to eat up significant money. Personally, I could save every family $400 without changing bankruptcy if the credit card companies would quit sending the same people two solicitation letters every week, year after year! I'm always skeptical that any such savings will ever sift down to consumers. I think there's a point at which the agreements in these card contracts are so convoluted, along with the almost universal mantra that you have to "establish credit" that the idea that everyone is walking into credit fully aware of the details is naive. I'd be curious to see a breakdown of how much is "profligate spending" and how much is bad luck, bad timing and just plain ignorance.

There's also the fact that at some point, the credit card begins to become a self-fulfilling prophecy. It doesn't require any more spending at all to eat up significant money.

Personally, I could save every family $400 without changing bankruptcy if the credit card companies would quit sending the same people two solicitation letters every week, year after year!

]]> By: Bill K http://www.outsidethebeltway.com/archives/congress_passes_bankruptcy_reform_bill/comment-page-1/#comment-42944 Bill K Thu, 14 Apr 2005 23:11:49 +0000 /?p=10086#comment-42944 Or returning war vets and victims of identity theft. Protecting those parties was brought up in an amendment, but a vote on the issue was refused. The lack of debate on the floor and among the members of Congress is what makes this so sad. Right or wrong, it is something that should be discussed not forced through. On a side note, the administration claims that the bill will actually save families an average of $400 a year because of lower interest rates. Has ever a more ridiculous statement been made? All it will do is lead to $400 more in profit per family, per yer, for the companies involved. Just because one man makes an extra $500 million due to a law change doesn't mean you can fairly state that on average Americans make an extra $2. Or returning war vets and victims of identity theft. Protecting those parties was brought up in an amendment, but a vote on the issue was refused.

The lack of debate on the floor and among the members of Congress is what makes this so sad. Right or wrong, it is something that should be discussed not forced through.

On a side note, the administration claims that the bill will actually save families an average of $400 a year because of lower interest rates. Has ever a more ridiculous statement been made? All it will do is lead to $400 more in profit per family, per yer, for the companies involved.

Just because one man makes an extra $500 million due to a law change doesn't mean you can fairly state that on average Americans make an extra $2.

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