| |
| |
|
Debt Relief Information |
|
|
|
Bankruptcy Reform: Designed to Protect Big Business
Who will benefit from the new bankruptcy reform laws? The financial services industry and other big business groups, that's who. These groups contributed millions of dollars to elect Bush and other Republican candidates in 2000 and 2004, with the goal of overhauling the bankruptcy system. They and other big business groups have continued to spend millions, rage arguments and lobby persistently for bankruptcy reform. In March 2005, with the House and Senate loaded top heavy with Republicans, they succeeded. The financial services industry includes the banks, credit unions, the American Bank Association, credit card companies and retailers. Big business groups pressuring for legislation include auto makers such as the Ford Motor Company, General Motors, and DaimlerChrysler. These groups were willing to pay millions of dollars and spend many years lobbying for bankruptcy reform. The car makers, unhappy with the way auto loans are handled when an individual files for bankruptcy, pushed for reform. Others who lobbied heavily for reform were car dealers, record labels, and gaming interests such as casinos, many of whom represent large corporations and prime lenders, such as MBNA Corporation and American Express Company, who contributed millions not only to stack the political odds in favor of the bankruptcy reform bill, but to elect candidates sympathetic to their goals. MBNA Corp. and American Express Co. are among the top beneficiaries of the bankruptcy reform. Bankruptcy reform supporters argue that debtors seeking relief through bankruptcy are either purposely gaming the nation's bankruptcy system or they are irresponsible spenders who should pay at least a portion of their bills if they are able to. In fact, about half of the claims filed for bankruptcy are attributed to medical costs. Bankruptcy reform will require most filers to receive credit counseling and lessons on how to improve their financial management skills. Bankruptcy reform states that filers pay for the counseling themselves. Included in the new bill is a provision requiring that credit card billing statements include an example of the time it would take to pay off the balance at a particular rate of interest. Billing statements are also required to supply a toll free number for the consumer to call and inquire about the length of time it would take to pay off the balance if they are only making the minimum monthly payments. Citizen advocate Suzanne Arthur highly recommends the Repair Bad Credit Newslog, for news and further information on consumer debt and repairing credit scores. Go to: Bad Credit Repair Newslog
MORE RESOURCES:
WEALTHY NATIONS, OTHERS BEHIND FINANCIAL CRISIS MUST TAKE ... - 7thSpace Interactive (press release)
Debt-Relief - Google News |
|
|
|
RELATED ARTICLES
New Bankruptcy Law - Targeting the Wrong People? Last April, President Bush enthusiastically signed into law the oddly-named Bankruptcy Abuse and Consumer Protection Act. This bill, representing the biggest overhaul of bankruptcy law in twenty-five years, was written in order to discourage "bankruptcy of convenience. Bad Credit Home Loan To Get You Out Of Debt A "bad credit home loan" can help you climb your way out of debt and get you started back on the road to upstanding, good credit. There are many lenders who are willing to make bad credit home loans to you - a loan based on your equity in your home even if your credit has slipped or isn't as perfect as it could be. 5 Ways to Get Out of Debt It has been said that everyday more and more people in the world are getting into unsecured debt. Once reason for this is the relative ease in which credit card companies and banks are extending credit to their customers. The Human Side - Debt Stress In all the technical discussion you hear about credit card debt, the best ways to manage it and pay it off and all the rest, one thing goes largely ignored. Credit card debt is extremely stressful, and can have a very negative effect on your life, if you let it. Credit Repair - Understanding The Basics What is Credit?Credit means that you are using someone else's money to pay for things. It also means that you are making a promise to repay the money to the person or company that loaned you the money. Can You Escape the Trap of Ever Growing Debt? It's difficult not to be concerned when facing numbers like these:43% of U.S. How to Get Triple A Credit in 25 Days Good credit is everyone's dream. A wise use of credit can go a long way. Reduce Your Debt Do you want to reduce your debt? Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?You're not alone. Many people face a financial crisis some time in their lives. Hide That Car! Fighting the Repo Man Vehicle repossession may appear justified in circumstances where a person is generally being irresponsible and otherwise able to meet this financial obligation. However, what about that hardworking guy or gal who paid their automobile note dutifully for three years, and missed one payment? Why should their car be repossessed?Basically, the lender owns your car until it is paid in full. The Effects of Consumer Debt Consumer Borrowing Consumer borrowing in the UK has now crashed through the £1 trillion barrier. 80% of this is due to credit card borrowing, loans and mortgages. Drowning in Debt? Tips and Tricks for Getting Out of Hot Water with Creditors Do you, like millions of other Americans, feel like you're sinking in an ocean of credit card debt? Well, fear not--there are many options for reducing your debt way before you have to be concerned about receiving notices or daunting telephone calls from debt collectors. The important thing to remember is to be proactive in handling your credit card debt. Bankruptcy Abuse Bankruptcy is little more than a smack on the hand these days. Creditors are certainly not going to look at you as a wise credit risk after bankruptcy, but that will probably not stop them from extending credit to you anyways. A History of Money and Banking Secrets That Banks Dont Want Published A History of Money and TradeTo start with a history of money and debt, we must go back many years ago when people used to trade their wares for the things they wanted and needed.In place of money or Federal Reserve Notes, you could trade a well made pistol for a cow, which you could eat or trade a remainder of for other items like clothing. The 7 Secrets to Getting-and Staying-Out of Debt As vice president of the American Credit Foundation, a nonprofit organization that helps individuals and families manage their debt, Mike Peterson knows firsthand how financial problems can wreak havoc in one's life. Each day, counselors at the Midvale, Utah-based foundation help desperate clients dig themselves out from under piles of unpaid bills, stern notices from collection agencies and ominous foreclosure threats. Learn The Five Key Debt Reduction Steps You Must Take Immediately! Step 1. The purpose of this first step is to bring you back to reality. Slowing Spending - The Key To Your Debt Plans Success Anyone who embarks on a debt reduction program should know the rules for success. There are two. Reducing Debt Before Its Too Late - How to Avoid the Pitfalls of Creeping Debt Reducing debt usually isn't a high priority for people until they have already gotten into trouble with overspending. Using a few basic guidelines, and debt calculations, can help you see when your debt load is getting into the danger zone. Debt Consolidation and Personal Finances: Learn the Truth! An inability to manage credit, growing debt and bankruptcy are all major problems today. On an average day, over 8,000 people file bankruptcy in the United States alone. Credit Repair? Its All Up to You Log onto to a search engine such as google.com and type in the term credit repair. How to Deal with Bill Collectors So you've screwed up. You're drowning in debt.
|
| home | site map |
| © 2006 |
