Comments on: Backfired Bankruptcy Bill http://www.consumerismcommentary.com/2005/12/08/backfired-bankruptcy-bill/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Tue, 16 Mar 2010 11:02:42 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: jimhttp://www.consumerismcommentary.com/2005/12/08/backfired-bankruptcy-bill/#comment-1288 jim Sun, 11 Dec 2005 03:09:31 +0000 http://wp.consumerismcommentary.com/?p=678#comment-1288 I agree that both sides are to blame and I have sympathy for neither side. Creditors hire actuaries who run the numbers and they know where they can make money, they won't give you a card if they don't think you can pay - just ask someone with bad credit if they can get an unsecured card. Creditor card companies earn billions and they know that each new customer is worth X dollars (look at all the offers they have!).On the flip side, if you can't demonstrate financial restraint and put yourself in a bad position - I'm sorry, get yourself out. Read NCN's blog (and alot of blogs out there) and see that responsible people who make mistakes will work hard to rectify them. I agree that both sides are to blame and I have sympathy for neither side. Creditors hire actuaries who run the numbers and they know where they can make money, they won’t give you a card if they don’t think you can pay – just ask someone with bad credit if they can get an unsecured card. Creditor card companies earn billions and they know that each new customer is worth X dollars (look at all the offers they have!).

On the flip side, if you can’t demonstrate financial restraint and put yourself in a bad position – I’m sorry, get yourself out. Read NCN’s blog (and alot of blogs out there) and see that responsible people who make mistakes will work hard to rectify them.

]]> By: JLP at AllThingsFinancialhttp://www.consumerismcommentary.com/2005/12/08/backfired-bankruptcy-bill/#comment-1287 JLP at AllThingsFinancial Sat, 10 Dec 2005 07:42:03 +0000 http://wp.consumerismcommentary.com/?p=678#comment-1287 I think BOTH the debtors and creditors are to blame for the problem of bankruptcy. If creditors would exercise some moderation and wisdom in granting credit, people who don't need credit wouldn't get it. However, I'm sure the threat of a lawsuit for not issuing credit was also on the creditors' minds.It all boils down to personal responsibiliity. I think BOTH the debtors and creditors are to blame for the problem of bankruptcy. If creditors would exercise some moderation and wisdom in granting credit, people who don’t need credit wouldn’t get it. However, I’m sure the threat of a lawsuit for not issuing credit was also on the creditors’ minds.

It all boils down to personal responsibiliity.

]]> By: mbhunterhttp://www.consumerismcommentary.com/2005/12/08/backfired-bankruptcy-bill/#comment-1286 mbhunter Sat, 10 Dec 2005 06:18:04 +0000 http://wp.consumerismcommentary.com/?p=678#comment-1286 I really have very little sympathy for the credit card companies on this one. People who had no business getting credit were getting cards. I really have very little sympathy for the credit card companies on this one. People who had no business getting credit were getting cards.

]]> By: Jonathanhttp://www.consumerismcommentary.com/2005/12/08/backfired-bankruptcy-bill/#comment-1285 Jonathan Sat, 10 Dec 2005 00:13:21 +0000 http://wp.consumerismcommentary.com/?p=678#comment-1285 Like the new header. Looks very futuristic =) Like the new header. Looks very futuristic =)

]]> By: Neohttp://www.consumerismcommentary.com/2005/12/08/backfired-bankruptcy-bill/#comment-1284 Neo Fri, 09 Dec 2005 08:10:48 +0000 http://wp.consumerismcommentary.com/?p=678#comment-1284 While having some type of bankruptcy protection is definitely needed for those that truly aren't able to get out of the problem they have created for themselves. The real problem is the misuse by those people that have no intention of changing their habits, so instead of learning the first time, they get themselves right back into the debt. Then again, why are creditors approving these high risk people?Neo While having some type of bankruptcy protection is definitely needed for those that truly aren’t able to get out of the problem they have created for themselves. The real problem is the misuse by those people that have no intention of changing their habits, so instead of learning the first time, they get themselves right back into the debt. Then again, why are creditors approving these high risk people?

Neo

]]> By: Flexohttp://www.consumerismcommentary.com/2005/12/08/backfired-bankruptcy-bill/#comment-1283 Flexo Fri, 09 Dec 2005 08:03:25 +0000 http://wp.consumerismcommentary.com/?p=678#comment-1283 And I'd imagine, since half of all bankruptcies are filed by individuals who have found themselves incapable of paying illness and emergency medical bills [source: <a href="http://www.commondreams.org/headlines05/0202-08.htm" rel="nofollow">news</a> and <a href="http://content.healthaffairs.org/cgi/content/full/hlthaff.w5.63/DC1" rel="nofollow">study</a>] that half of those last-minute filers were worried that once the law were to go into effect, it would be more difficult (and more expensive) to file.Sure, there's abuse of bankruptcy, but it's on both sides... by creditors and debtors... And I’d imagine, since half of all bankruptcies are filed by individuals who have found themselves incapable of paying illness and emergency medical bills [source: news and study] that half of those last-minute filers were worried that once the law were to go into effect, it would be more difficult (and more expensive) to file.

Sure, there’s abuse of bankruptcy, but it’s on both sides… by creditors and debtors…

]]> By: thchttp://www.consumerismcommentary.com/2005/12/08/backfired-bankruptcy-bill/#comment-1282 thc Fri, 09 Dec 2005 07:37:01 +0000 http://wp.consumerismcommentary.com/?p=678#comment-1282 The fact that there was such a surge in last-minute filings is evidence that bankruptcy was being abused. Reform was long overdue. The fact that there was such a surge in last-minute filings is evidence that bankruptcy was being abused. Reform was long overdue.

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