I don't like the law as it does serve solely the corporate masters, but aren't we misplacing the blame of personal debt. Sure there are examples of veteran's returning from war, the elderly, etc. where the debt incurred is not entirely their fault. But if we speak clearly and fairly, those middle American, middle class folks with high consumer debt and high Chapter 7 filings have no one to blame but themselves. Just because credit is "aggressively" marketed to you doesn't mean that you have to use it aggressively.
And the idea that
Quote:
4.) The wealthy (those who carry no credit card balances from month to month, because they pay the total bill off monthly),
were never affected by the higher interest rates and fees that credit card companies claim
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is just ridiculous. The "wealthy" in the above statement could and should be replaced by "the responsible". I am NOT wealthy. I have never carried a credit card balance longer than a month even in cases of emergency like medical bills, major car repairs, etc. People who are responsible do not pay the interest that credit card companies charge and do not need to file bankrupcy.
So, yes, I am against the law. But only because it represents only the interests of the corporations and the extremely wealthy. If it can't be applied to all, it shouldn't be applied to any.