Quote:
Originally posted by phyzix525
And the credit card companies are trying to push a bill though congress that would make it not possible to declare on CC debt. Of course this will not happen because of how miss managed the CC companies are about handing out credit in the first place.
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Right now every state has its own bankruptcy laws. Last year -- and not for the first time -- the financial industry almost pushed through Congress a federal bankruptcy law which is much tougher than the state laws and would supercede all of them. This is another case of the feds taking power away from the states to serve a monied special interest.
As Phyzic525 says, it's the credit card company's fault. They pass out credit cards freely to higher-risk customers, then cry when their losses mount. And then want the feds to change the rules for them. Listen, all they have to do is be good businessmen and not give out cards to shaky prospects. That's the way it used to be. Up until 20 years ago or so, it was fairly hard to qualify for a consumer card. A lot of people carried department store charge cards and gasoline charge cards -- Sears, Monkey Wards, Macy's, Shell, Chevron -- because it was all they could get.
Then the card issuers decided to go for market share and loosened their standards, figuring that increased volume and income would make up for increased defaults. Well, either that isn't working anymore, or they're getting even greedier (I'd vote for the latter). In any case, if you want to talk about welfare queens and people trying to soak the system, the financial industry is worse than any individual you might know.
So those laws could change. The financial industry can buy a lot of votes on both sides of the aisle in Congress. And they have.