Dems seek bankruptcy changes on credit card debt

Full story: Marin Independent Journal

Key Democratic lawmakers are pushing legislation that would block creditors charging high interest rates on credit cards from collecting from consumers in bankruptcy proceedings.
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1 - 6 of 6 Comments Last updated Mar 26, 2014
Interest Rate Crime

San Mateo, CA

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#1
Mar 24, 2009
 
But Sen. Jeff Sessions of Alabama, the panel's senior Republican, said it would be wrong for lawmakers to use changes in the bankruptcy laws "to deal with interest rates we don't like."

and What is your point? this guy is a moron. It is ethically wrong what these crdit/loan comapnies can do with interest rates. Mr. Sessions the whole idea to charge excessive interest is so the person can never pay it back....so yes you stupid m o r o n we do want to control what interest credit companies can charge. Why Mr. Sessions may ask? Because usary is sin and Jesus was against....pull your head you rep jack a s s
PlacitasRoy

Joplin, MO

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#2
Mar 24, 2009
 

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Just when I think I can hear a southern accent without thinking “What an ignorant red-neck” Sessions opens his mouth.

The 2005 bankruptcy law, pushed by banks and credit card companies over 8 years amny many $millions$ lobbying effort was simply another part of the war against the middle class. It was unfortunate Sen. Bingaman caved in and voted for it.

BTW: That 'new and improved'(for the financial industry) bill is exacerbating the current foreclosure crisis.

Credit cards should go to the back of the bankruptcy line with the other unsecured creditors....where they used to be.

The so-called reforms in the new bill are way too weak. Interest should be capped at 12% over prime. Postmark date should be the date of payment so the the card companies can't pay with posting times. Late charges should be limited to no more than 2%(24% Annual rate) or $5. whichever is greater. Minimum payments should not be allowed without at least a 90 day notice.
jimbob

Las Cruces, NM

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#3
Mar 24, 2009
 
PlacitasRoy wrote:
Just when I think I can hear a southern accent without thinking “What an ignorant red-neck” Sessions opens his mouth.
The 2005 bankruptcy law, pushed by banks and credit card companies over 8 years amny many $millions$ lobbying effort was simply another part of the war against the middle class. It was unfortunate Sen. Bingaman caved in and voted for it.
BTW: That 'new and improved'(for the financial industry) bill is exacerbating the current foreclosure crisis.
Credit cards should go to the back of the bankruptcy line with the other unsecured creditors....where they used to be.
The so-called reforms in the new bill are way too weak. Interest should be capped at 12% over prime. Postmark date should be the date of payment so the the card companies can't pay with posting times. Late charges should be limited to no more than 2%(24% Annual rate) or $5. whichever is greater. Minimum payments should not be allowed without at least a 90 day notice.
An even better answer is to not use credit cards if you can't pay them off each month. Then there is no reason to worry about what interest rate the credit card company charges.

Since: Sep 08

Placitas, NM

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#4
Mar 24, 2009
 

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jimbob wrote:
<quoted text>An even better answer is to not use credit cards if you can't pay them off each month. Then there is no reason to worry about what interest rate the credit card company charges.
I don't disagree. BUT I think about 60% of credit card users carry a balance. I remember hearing over 15% have a balance of over $10,000. As some of them change their habits, there will be new fish coming along.

Better pay attention to the interest rate regardless. I haven't intentionally carried a balance in well over 10 years, but I've made a mistake here and there. A year a or so ago used an old stamp. By the time the envelope was returned and remailed, the payments was about a week late. I got nicked of a $25 late charge, interest on that balance, plus interest on every purchase made on the new billing cycle. I was staggered at what that mistake could have cost me.

Two months ago, my wife got a renewal notice for her Am Express. Because she hadn't carried a balance they were going to charge her $100. to renew. She canceled. Credit Card companies have a name for those who do not carry a balance: deadbeats.
Tony

Tewksbury, MA

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#5
Mar 24, 2009
 
Don't got it, don't charge it. Pay the balance in full every month if have/use them. I learned my lesson 20 years ago after my divorce and I'm glad I did.
Kaitlynn

London, UK

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Mar 26, 2014
 

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