Credit card company executives are laughing at you right now. The bankruptcy bill they made the biggest piece of lobbied legislation in HISTORY has passed in the Senate.

This only benefits the credit card companies, who claim that something must done about skyrocketing bankruptcy claims. SO STOP ISSUING CREDIT CARDS TO EVERYONE WITH A SOCIAL SECURITY NUMBER. They don’t want to change their behavior because profits are going through the roof. Let’s make the ordinary guy pay.

The measure would ease some requirements for creditors and enable credit card issuers, retailers and other lenders to recover more of what is owed them.
…
But those with income above the state’s median income who can pay at least $6,000 over five years ? $100 a month ? would be forced into Chapter 13, where a judge would then order a repayment plan..

Senators no longer need to hide their corporate pandering: they’re doing it right in your face! The top ten bankruptcy states are red states that put Bush and other Republican Senators in power. They’re sending a big fuck you to their constituents who are so stupid that they will continue to vote for them because they don’t want some woman across the street to get an abortion.

Here’s a picture for those of you who still don’t get it:

This may come as a shock to many of you, but MBNA and Citigroup are the number five and six biggest Republican Party donors, respectively.

• THE CULTURE OF LIFE
• STALKER ARTIST
• TIME TO SHAVE MORE OFTEN
• PUTTING IT AWAY

Alright, this may come as a shock to you - I actually support this bankruptcy bill. The thing I would add to it is allow people to file for bankruptcy if they cannot meet their healthcare costs if they have an accident or fighting an illness. But as for people who take advantage of credit card companies by being reckless spend-thrifts, and then filing bankruptcy to avoid paying the massive bill they managed to accumulate. THAT is not fair to the companies, and that is not fair to you and me, because the companies have to raise interest rates just to break even… and they’re not only raising the rates on the people avoid paying by filing, but ALSO on us people who happen to be responsible with their money. Not fair. The bill will stop this.

Nabeel i totally disagree. If what you are saying were true then they would have to drop interest rates since they dont have to worry about people going into default on debts. Do u honestly think for a moment that MBNA who is banging me in the ass at 25% is going to be like Mr Bahrami well since this new law has passed we are going to drop your interst rate to 20% because we dont have to worry about debts going into default anymore. I strongly doubt it. More like they will keep this interest rate right where it is and make more money by fucking people over who honestly cant pay the debt. They shouldnt give a credit card with a 5k limit to someone who makes 15 k a year. Credit card companies fuck you with monthly payments as well by giving u a 30yr Adjustable loan like you would get when purchasing a home.

So then I won’t spend more than what I have in cash on a credit card, so that I’ll be able to pay it fully at the end of the month. That’s what I always do. If everyone did the same, then bankruptcy wouldn’t even be an issue.

For those who HONESTLY can’t pay the debt, as in medical bills cuz the health care costs are absurd, I *said* they should allow these people to file for bankruptcy. On the condition that this scenario is considered IN the bill, I support it.

If anything, it may hurt a little bit for a few years, but in the long run it will teach people how to be more responsible with their money.

Nabeel you are 100% wrong

1. CC companies make the most from people who are unable to pay their debt’s in full

2. CC companies made the most profit LAST YEAR. You think they are going to lower your interest rate because less people file for bankruptcy? READ THE CHART: more bankruptcy=more profit.

3. People aren’t born as “reckless spend-thrifts”, and while there are some people who abuse the system, many people get taken advantage of by cc companies. Are you saying easy credit is a good thing? “HERE COLLEGE FRESHMAN. YOU KNOW NOTHING ABOUT FINANCE YET BUT TAKE THIS T-SHIRT AND CHARGE ON LOW INTEREST UNTIL I HAVE YOU WHERE I WANT YOU SO I CAN FUCK YOU IN THE ASS”

Did you even care to read the links? just look at the picture one more time… real simple shit

Nabeel have you known anyone who has ever filed for bankruptcy? My father did and close family friends have as well. Its not something you want to happen. Its not about spending what you have. This country is based on credit. Credit card companies purposely market “low introductory rates” and then fuck you with hidden fees in the fine print. If they were soo concerned they wouldnt put this shit in fine print would they? If they were worried about losing money wouldnt they just make the fine print in a larger font? Whats to hide if they are soo concerned about bankruptcies, wouldnt it be better to be upfront?

I never said that they were going to “lower” interest rates with this law. I didn’t mean to imply that either. You are right about extending credit to people they know don’t have any money and can’t pay it not being a good thing, that’s greedy irresponsible of cc companies. But it is the spend-thrift mentality of America that has gotten us deep into debt - consumerism/capitalism gone out of control. People just need to learn to manage their money better, and bankruptcy would not even be an issue. I come from a very poor family too, and I even spent half of my childhood in a third-world country - and I can tell you this:

If we are waiting for companies to clean up their act and be responsible, we are just kidding ourselves. Responsibility starts with us, the people. Once people start being more responsible with money, save more, and not take the carrot being dangled in front of their faces by the cc companies, then what the cc companies are doing now will no longer be profitable. THEN at that point, interests rates will decrease. I never have to worry about interest rate because I pay my bills on time and am very careful with money (having gone through periods of time with literally NO MONEY). We find ways to make-do and survive, but taking that dangling carrot is not the way - even if it feels like the only choice. Declaring bankruptcy is even worse, as it marrs your credit.

I DID say that there should be an exception to this (need I say this again??) - high health care costs.

Okay, let’s look at it your way. If this bankruptcy bill turns the government into collection agencies and loan sharks that ends up throwing out old women on the street because she couldn’t pay her medical bills, and worst comes to worst…

Then I’d expect massive class action suits against the cc companies and the government, congress would be pressured to revise the bill, and make the laws fairer to the people and not just businesses. Things like this swings like a pendulum… we are living in tough times now, and the tide favors businesses over the people. But the sooner and faster we move through tough times, the sooner the tide will turn.

If there’s one most important thing that I and my family learned from living in a third-worlder: Never give up and never lose faith.

Nabeel: There is that group of irresponsible consumers who do run up charges and then file for bankruptcy. But the reality is Half of all U.S. bankruptcies are caused by soaring medical bills and most people sent into debt by illness are middle-class workers with health insurance, researchers said on Wednesday.

No doubt, there are irresponsible consumers out there. But they’re not as big a problem as we make them out to be. Corporations lie. All.the.time. So if they’re blaming it all on those consumers who do run up their cards, well, that’s an unfair representation of reality.

Yes, James - soaring medical bills are a major problem, I agree with that. In fact I’ve said this already: “For those who HONESTLY can?t pay the debt, as in medical bills cuz the health care costs are absurd, they should allow these people to file for bankruptcy.” So we agree on that point.

However - ASIDE from health care costs - I believe putting in the brakes for consumerism. It’s rampant. The majority of Americans are in love with their credit cards, and they borrow borrow borrow and run up a balance. Then suddenly, they find that they can’t pay off their balance on time, so they revolve the balance from month to month. THAT is where the cc companies get you with raising interest rates.

But if we pay our bills on time, making sure the balance is always zero, then you are immune to debt. They cannot make money off you, although they are trying, using desperate and dirty tricks to squeeze a few extra bucks out of you. Instead of thinking of myself as a “victim”, I understand that I have a lot of leverage over the cc companies because the competition between them is fierce. And I pay for things with cash, not credit.

Nabeel: You’re right about people needing to be fiscally responsible. And I’m no fan of consumerism either, never gotten into it, it’s silly. But that’s not really what this legislation is about.

The credit card companies all profited prior to this legislation, because of the reasons you listed and the obsession with consumer culture. But this legislation is really going to screw over some people who are forced into these situations by health care reasons, and anytime lobbyists get to put together “law,” we all should be worried.

I agree with the fiscal fundamentals you’re talking about. But I think letting lobbyists put together legislation is scary.

Okay, I digged further into the bill. I had not learned of the amendments that would benefit or extempt people with true economic hardship, mostly caused by high health care costs. That was what I was hoping to see in this bill. What hit me the hardest was that these amendments were REJECTED - and on top of that, EVERY SINGLE REPUBLICAN voted against these amendments!

I would be wary of this bill. It is a double edged sword - while it would reduce consumerism and it will blow up in the creditor’s faces, we will see some horror stories about women with cancer getting thrown on the street because her house was repossesed.

I am 99.9% convinced that this will cause a backlash from the people, possibly violent. Republicans will be backed into a corner, being forced to turn their backs on the corporations and fix the system for the people, OR get tossed out of office and be politically destroyed.

Now, we just have to hunker down and wait it out. Be patient… the pendulum will swing back violently in the other direction. This bankruptcy bill will actually SPEED this up.

Creditors LOVE bankruptcy. It means tha once you file for bankruptcy they can give you high as fuck interest charges because you can’t file bankruptcy for another 7 years.

If you can’t pay cash (with the exception of car/house) why buy anything at all? Having good credit is important, but don’t let the credit run your life.

If you’re responsible, use your credit card instead of money. Then pay off your credit card each month. The cash you WOULD spend goes to the card(s).

This is a way to build credit and not ruin it.

Coworker of mine once worked for the Department of Agriculture in the Farm Service Administration — the part of government that provides low-interest loans to people in agriculture. He said, in evaluating candidates for the program, that it was *very* common to see medical debt in the program applicants. In order to qualify for FSA, you *must* have been rejected by traditional lenders. There’s some differences for youth loans, but those are paltry sums compared to the larger loans that ag producers use.

Some people, a minority, were foolish. But the vast majority were fucked by medical bills. Look at the insurance price versus cash price at a hospital bill. The insurance company pays in some cases half what a cash client pays at the hospital. Poor people don’t have insurance, and they pay more for medical bills. They can get easy credit to pay for these bills. It’s cancer or credit debt. Is that a hard choice? It is in fact a hard choice, but this is life or death or disability. Can someone provide a laminated map to the ass fuck queue for these people?

It also needs to be said. These Paint images rock.

Bottom line: Republicans will say that they are doing this to curb abuse, but they provide no statistics to the extent of the abuse and reject amendments which would provide exceptions to people in genuine need.

To be continued in the House…

It’ll probably pass in the House anyway. I would like to see consumerism curbed and Americans becoming smarter with money. But I am sure some people have legitimate reasons to file for bankruptcy when they can’t pay for the medical bills… so I would expect 2 things within 5 years of this bill’s passing:

1) An angry public backlash at the republicans when a few horror stories about medical bills, forcing congress to backtrack or do something about it

2) Healthcare will be reformed and costs will be lower

with #1 more likely to come first, and with #2 taking longer.

Well it has now happened to me. We saw an BK attny today. I payed off my home several years ago. But unkown to me my spouse racked up over 56k in cards and finally had to tell me when she was paying a Min of 1k per month / she workes part time as a CNA bringing home about 200 a week. I am self employed now and the contractor I was working for doesn’t have enough work. Even in a Chap 13 my payments for 5 yrs would be about 900 per month and I won’t even be drawing on my pension for another year to make that an option. Yes I voted Republican most of my life. I’ll never vote for one of those bloodsucking bastards again.

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