Reply #101: Did you read this part? [View All]

[tx_dem41]

"Credit card issuers have exacerbated the financial problems that many families have faced by lowering minimum payment amounts, from around 4 percent of the balance owed, to about 2 percent currently. This decline in the typical minimum payment is a significant reason for the rise in consumer bankruptcies in recent years. A low minimum payment often barely covers interest obligations. It convinces many borrowers that they are financially sound as long as they can meet all of their minimum payment obligations. However, those that that cannot afford to make these payments often carry so much debt that bankruptcy is usually the only viable option."

I haven't addressed the Bankruptcy Bill as a whole at all on this thread. Just this provision, which consumer groups were clearly for.

I am against the Bankruptcy Bill. Am I happy that this provision is part of an appalling bill? No. Am I all for the repeal of the bill? You bet. Would I vote for this min. payment provision standalone? You bet. I am for the theory of outlawing the smarmy practice that credit card companies were using to make bigger profits. Obviously, PIRG and other consumer groups do too.