is anyone paying attention?

Yeah, we know, Michael Jackson licked a boy's head on an airplane. But the Solomonster would like us all to stop for a moment and guess what the Republicans are doing!

"Why, they're delivering a debilitating blow to the American consumer but a glorious victory for credit card company CEO's!, that's what!  Yay democracy!  Heavily indebted Americans, many who are victims of the health care crisis that Republicans deny exists, will now not have bankruptcy protection, crippling any chances of them building savings, meaning they will have to depend on Social Security when they retire, which the Republicans are also looking to decimate.  Good work, Red State America. But at least those gays aren't marrying, right?"

[ed. note: right on Solomonster! And we'd like to add...when is this damned war going to get us our cheap gas?]

Comments

[Chauncey]

yes anything that makes "it tougher for heavily indebted Americans to wipe out their obligations" is a bad thing.. people should have no responsibility toward the people they owe money.

[Chauncey]

PS... the vote:
House of Representatives..302-126
Senate....................74-25.

Since when was 75% of congress "red?"

[megan]

And people declare bankruptcy and screw themselves for decades all the time, just for kicks...

[Solomonster]

Yeah, I saw the 75%. There are some Democrat sellouts too. Frankly, it's a frightening law that screws the average American in favor of large corporations (and subsequent large election donors). People who declare bankruptcy are hardly "wiping out their obligations" and "not taking responsibility." That bankruptcy will stay on their credit reports for 10-15 years (depending on what type of bankruptcy they file). They will not get a mortgage, a loan, a credit card, or any sort of credit for up to 15 years! Basically, they are already screwed. But to further saddle them with monthly payments that they already can't afford, eliminating any chance of accumulating savings and "starting over," is a recipe for financial disaster. And, looking at American history, it is anti-American.

Megan will tell you: I am a closet fiscal conversative. But this is a law that favors a few very rich people to the detriment of the rest of America. When I see laws like this pass, and, as you point out, overwhelmingly, it reminds me just how passive and apathetic the voting population has become.

[Solomonster]

P.S. As a proud native of the reddest of Red States, I mean no offense. I just am not happy with how they're voting recently.

[Chauncey]

In no way am I saying that congressmen and women are intelligent... I think it's obvious they aren't in most cases. But I think that if I loaned you $10,000, I would be pretty pissed if you got out of paying me back. Why is it different if you got your loan from a company. What is wrong with abiding by a contract that you signed? and What is wrong with punishing people who don't? No one declares bankruptcy cause they love being poor and having a bad credit score... but for god sakes whether it's their fault or not they signed a piece of paper. Payday loan places are all over down here... the interest rate is like 35% or more. if some dumbass signs up for that and cant pay then it's their fault... not the guy who loaned them the money.

[Chauncey]

PS part 2... you seem to think the average american will declare bankruptcy. (" Frankly, it's a frightening law that screws the average American in favor of large corporations "), but how accurate is that. This bill hurts people who go bankrupt and I don't think the average american does.

if you've ever played monopoly you know that if you go bankrupt you lose... you dont get to start over...

People... get educated so you don't have to rely on society to support you.

[Chuancey]

The Point (I researched):

1.4 out of 100 American households will decare bankruptcy this year.
[ http://www.usdoj.gov/ust/statistics/stats-new/national/07national.pdf ]

4 out of 100 American households have assets of $1 million or more.
[ http://www.bizforward.com/wdc/issues/2002-09/firstforward/ ]

...not to mention that we all pay higher interest rates now because credit card companies have to worry about someone declaring bankruptcy in the first place

Sorry to keep rambling... just food for thought

[Chino]

I just want to say that you both make good points, but the fact that credit card companies charge ridiculous interest rates PLUS ridiculous late fees makes it almost impossible to pay off, especially if you just lost your job. Most likely you won't be able to pay off the entire balance when that Capital One Cunt keeps calling your house-soon-to-be-apartment. Thus more finance charges and late fees. It turns into a debt spiral and is almost impossible to get out of. Charging $25-35 for a late fee on a $400 card is absolute robbery. And there's no grace period! If I'm late on my $25,000 school loan, I only get charged $10. And that's after a 15 day grace period. Interest rates and late fees will continue to rise regardless of how many people claim bankruptcy because bigger profits and higher share prices are the driving force above all things ethically or "morally" just.

Overall, I think this is an important social issue and that most people are not being taught how to be financially responsible. People think they've "made it" when they get approved for credit cards. The truth is, these companies target people they know aren't going to be very responsible, i.e college kids and the ghetto fabulous.

For the love of Jeebus call Suze Orman now!

[paul]

Please Chuancey, don't play the credit card companies like a victim. For Christ's sake, they make their living by ruining the lives of naive 18-year-olds. Granted, credit card spending is idiotic, but everyone is idiotic at that age.

8-13%, compounded in a much more harmful way than a bank loan. Credit card companies deserve to get screwed out of money. They pray on the weak and inexperienced.

[paul]

Or possibly even "prey" on the weak and inexperienced.