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"Chuck Norris doesn't read books; he stares them down until he gets the information he wants out of them."
- ChuckNorrisFactsdotcom

Thursday, March 10, 2005
I've been meaning to post something about the new round of bankruptcy reform in congress for awhile.
Here's a whole bunch of people with professional qualifications to explain why the various bits of this bill will make for mucho suffering down the line. I'm personally quite sympathetic. After Qwest lured Benno into quitting his job and then hired someone else we ended up in exactly that spiral of negative amortization. Fortunately we were able to cope with 2 cards that mushroomed from $1000 balances to $5000 in the space of a little over a year. But had we not been positioned the way we were we could easily have ended up shackled to bad debt for years. I can't imagine how hellish it must be for people who end up where we were without family and assets to draw on. I knew 3 people in college who had gotten themselves into terrible trouble with credit cards freshman year and none of them were all that irresponsible. I can't begin to imagine what this will do to people unfortunate enough to end up with hideous medical bills and no catastrophic insurance.

I don't have a problem expecting people to pay their bills but I do have big big problems with credit card companies and their predatory practices. If this bill passes without requiring any changes from credit cards and banks, the next bump in the economy is going to cause a decades long cascade of misery. So do the research and call your reps. You won't want to find out about this after it's passed and you've lost a job, gotten a divorce or gotten sick. This is a crap law and might very well hurt you or someone you know. Look up the definition of usury. I think 30% interest for 2 late payments counts.

posted by Rachel 3/10/2005
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As Marge Simpson said:
You can't use the law to nag. As I say: Professional politicians should know the law better than I do.

posted by Rachel 3/10/2005
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