Saturday, February 19, 2005

Credit Card companies trying to make bankruptcy harder.

This idea might not sound to bad at first, but to take it away from thoughs that can't work anymore because of illness or job loss, is wrong.

The United States credit card industry rakes in $2.5 billion a month in profits (http://www.nytimes.com/2004/11/21/business/21cards.html?ex=1108270800&en=cdb1a03bdc1c9acb&ei=
5070&oref=login&pagewanted=1
) -- largely in fees and interest charged to the American consumer. But its thirst for additional profits is insatiable. Credit card corporations are showering Congress with cash (http://www.opensecrets.org/industries/contrib.asp?Ind=F06) in an attempt to squeeze every last dime out of those who can afford it least to by making it harder for them to get out of debt. The industry is pushing for a bill that would deny bankruptcy relief to "people with low or moderate incomes who have fallen on hard times because of illness, job loss or divorce (http://www.washingtonpost.com/wp-dyn/articles/A15399-2005Feb10.html) ." Meanwhile the bill does nothing to stop "abusive lending practices by credit card companies."

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