responsibility

[MScoleman at aol.com]

In a message dated 98-06-11 08:32:02 EDT, Doug writes from the NYtimes:

<< Supporters

 of a tough new U.S. bankruptcy bill, which was literally written by a

 credit industry law firm (a point the NYT doesn't report), say they want to

 tighten the code to impose a sense of responsibility among profligate

 debtors. >>

Yeah, too bad the bill doesn't include some clauses on the responsibilities of
the credit industry:
**now people who declare bankruptcy usually get new cards within 60 days, not
the ten years of past decades.  
**with plummeting interest rates the credit industry still charges about 20%
on average.  This works out to doubling the original charge every three and a
half years.  Up it 5% and they would get the same vig as a loan shark.
**how about stopping credit companies from stopping the cards of consumers who
pay every month and avoid interest rates -- they are considered 'bad'
consumers.

The fact is, credit card companies WANT debtors because debtors make them
beaucoup bucks.  maggie coleman mscoleman at aol.com