Consumer credit groups???

[Norbert]

This Bankruptcy bill still has me pissed off. It still must come up to a vote in the House but today I learned Ted Strickland, A Democratic congressman I usually agree with, looks like he will vote to pass this legislation. He sounded just like a republican senator with his views. I won't venture to guess where he is receiving campaign contributions.

My question. Are there any groups out there that are actively opposing the tactics of the banking industry and the credit card companies? I am not an anti-consumerism guy or very much into socialism. I believe we must build credit. The thing that pisses me off is the preditory practices of these companies. I'm talking about low introductory rates that go up to 20-25 percent, flooding college campuses with credit card apps so they can real in inexperienced 18 year old customers. I can go on and on but I will stop there. If we must bite the bullet with losing a safety net through Chapter 7 shouldn't there be come give and take with the banking industry? If we, as consumers must be scolded by Sen. McConnell about fiscal responsibility, shouldn't there be restraint placed on the Credit card companies with their business practices? I looked on a thread in Freeperland and some there aren't happy with this situation either.

If you can help with some suggestions I'd appreciate it.

[Deja Q]

1. Why does he want to support it?

[Norbert]

5. From the Marietta (Ohio) Times

"Even the Marietta area member of Congress plans to support it, saying a change in bankruptcy laws are needed.

"I believe there is a certain percentage of those filing for bankruptcy who have chosen to manipulate the system in a way that enables them to escape legitimate, personal responsibility," said U.S. Rep. Ted Strickland, D- Lisbon. "Those are the situations I hope this legislation would address although I'm aware that some innocent, well-meaning people caught up in unfortunate circumstances would be dealt with more harshly than they should be."

Strickland said it is his understanding that the bankruptcy court would have the ability to look at specific circumstances of each case and make judgments based on those circumstances."

http://www.mariettatimes.com/news/story/0318202005_new02astt.asp

On second reading I give him credit for not painting a broad brush. That still doesn't erase my disappointment in his intentions.

[Harlequin]

2. Hi Norbert

Getting involved at the activist level is one thing. Saving your ass is another.

Debtor's Anonymous, is a group that helps people that have problems with money and debt. To get the gist of it, read jerrold mundis' book, "how to get out of debt, stay out of debt, and live prosperously forever" and "How to avoid underearing", then hit a few meetings.

Godspeed.

[Norbert]

3. This has little to do with my personal debt

I am just hacked off that congress treats the American consumer like a child that needs correction while the banks and credit card companies continue to go unchecked.

[MeDeMax]

4. and the fees are outrageous...

$25 to $40 a crack for late or reaching creditline etc etc...

Frontline (a PBS documentary series) did a report on this, latest scam they (credit card companies) are using is that if you are late on "any" other card or account then they can raise their rates & fees. All this at a time when interest rates are at historic lows...go figure!

watch the full documentary here:

<http://www.pbs.org/wgbh/pages/frontline/shows/credit/>

I don't know who the worst offender is but BankOne is up there amongst the most predatory lenders.

Hope someone on the capital hill is reading the fine print before signing this into law.

[TwentyFive]

6. Another perspective -- Bad for small business & the economy.

As a small business owner...everytime I borrow money, I have to personally guarantee the loan. When I do this, the 'worst case scenario' of losing everything runs through my mind...but, I always reason that I can file for bankruptcy and start over.

But with this bankruptcy bill, that will no longer be the case. Instead, the worst case scenario is owing this money until I am a tired old man.

Part of the reason our economy does well, is that people can take risks with the knowledge that if disaster strikes, they can always get a fresh start. But with this new bill, say if real estate values start to fall....people's panic button will set in MUCH sooner and they will want to unload real estate so they are not holding mortagages worth more than the properties. And we all know that panic is what brings on recessions.

This bankruptcy bill will usher in a new great depression. I think that is the whole motivation behind it. Bush is an evil bastard, and I think he knows this bill will lead to a disaster....that his buddies will cash in on.