Consumerism Commentary - Latest Comments in Backfired Bankruptcy Bill

Re: Backfired Bankruptcy Bill

jim — Sat, 10 Dec 2005 22:09:31 -0000

I agree that both sides are to blame and I have sympathy for neither side. Creditors hire actuaries who run the numbers and they know where they can make money, they won't give you a card if they don't think you can pay - just ask someone with bad credit if they can get an unsecured card. Creditor card companies earn billions and they know that each new customer is worth X dollars (look at all the offers they have!).

On the flip side, if you can't demonstrate financial restraint and put yourself in a bad position - I'm sorry, get yourself out. Read NCN's blog (and alot of blogs out there) and see that responsible people who make mistakes will work hard to rectify them.

Re: Backfired Bankruptcy Bill

JLP at AllThingsFinancial — Sat, 10 Dec 2005 02:42:03 -0000

I think BOTH the debtors and creditors are to blame for the problem of bankruptcy. If creditors would exercise some moderation and wisdom in granting credit, people who don't need credit wouldn't get it. However, I'm sure the threat of a lawsuit for not issuing credit was also on the creditors' minds.

It all boils down to personal responsibiliity.

Re: Backfired Bankruptcy Bill

John Wedding — Sat, 10 Dec 2005 01:18:04 -0000

I really have very little sympathy for the credit card companies on this one. People who had no business getting credit were getting cards.

Re: Backfired Bankruptcy Bill

Jonathan — Fri, 09 Dec 2005 19:13:21 -0000

Like the new header. Looks very futuristic =)

Re: Backfired Bankruptcy Bill

Neo — Fri, 09 Dec 2005 03:10:48 -0000

While having some type of bankruptcy protection is definitely needed for those that truly aren't able to get out of the problem they have created for themselves. The real problem is the misuse by those people that have no intention of changing their habits, so instead of learning the first time, they get themselves right back into the debt. Then again, why are creditors approving these high risk people?

Neo

Re: Backfired Bankruptcy Bill

Flexo — Fri, 09 Dec 2005 03:03:25 -0000

And I'd imagine, since half of all bankruptcies are filed by individuals who have found themselves incapable of paying illness and emergency medical bills [source: news and study] that half of those last-minute filers were worried that once the law were to go into effect, it would be more difficult (and more expensive) to file.

Sure, there's abuse of bankruptcy, but it's on both sides... by creditors and debtors...

Re: Backfired Bankruptcy Bill

thc — Fri, 09 Dec 2005 02:37:01 -0000

The fact that there was such a surge in last-minute filings is evidence that bankruptcy was being abused. Reform was long overdue.