The sponsors of the legislation say that it will have the effect of lowering the costs of goods and services for all consumers by making it easier for companies and issuers of credit to collect unpaid debts rather than passing those costs on to everyone else. In the last 30 years, bankruptcy filings have steadily increased, rising eightfold since Congress last rewrote the bankruptcy laws.
Yeah, right. Have you ever, ever seen your APR drop?
Here's another thing that puzzles me: according to the American Bankruptcy Institute, Utah ranks number one in household bankruptcy filings. So why has Orrin Hatch been such an avid proponent of this bill? Do his constituents know he thinks many of them are deadbeats?
(ABI link via Atrios).Posted by Linkmeister at March 9, 2005 08:32 AM