I don't see the Bankruptcy Bill as being that bad out of a handful of considerations:
1. it's both too easy to get credit cards and discharge debts in Bankruptcy. I'm not saying that it's absolutely easy to file for Bankruptcy, but if I recall this correctly from my days of researching data on consumer credit and bankruptcy for a paper I wrote (in a sociology class, no less), it used to be waay way harder to discharge debt in the 70s and 80s, until the Federal Bankruptcy Code underwent a little bit of procedural reform in the mid 80s, which made it both easier to file and to discharge several types of debt not allowed beforehand. 2. credit card companies are not gonna stop giving credit to people with the sole purpose of inducing them into debt traps. 3. if so, the only way to make people wary about taking on debt they cannot possibly repay (i.e., read, avoid getting credit cards unless they know they can use them responsibly*) is going to be to make other people's woes be a cautionary tale onto them.
I'm not saying the measures aren't harsh, but what else can the government do: outlaw credit card use? Punish credit card companies who prey on consumers? As a realist, I'd have to say that's just not gonna happen.
*Right before our whole housing/employment fiasco happened, my husband and I learned we both have excellent credit. My credit score's a bit higher than his because my credit history is at the 10 year mark. Anyway, we got there by paying our bills on time, and in full whenever possible. And those bills over the years have included a few thousand dollars in medical bills, a few thousand dollars in consumer credit, and two car loans between the two of us.
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1. it's both too easy to get credit cards and discharge debts in Bankruptcy. I'm not saying that it's absolutely easy to file for Bankruptcy, but if I recall this correctly from my days of researching data on consumer credit and bankruptcy for a paper I wrote (in a sociology class, no less), it used to be waay way harder to discharge debt in the 70s and 80s, until the Federal Bankruptcy Code underwent a little bit of procedural reform in the mid 80s, which made it both easier to file and to discharge several types of debt not allowed beforehand.
2. credit card companies are not gonna stop giving credit to people with the sole purpose of inducing them into debt traps.
3. if so, the only way to make people wary about taking on debt they cannot possibly repay (i.e., read, avoid getting credit cards unless they know they can use them responsibly*) is going to be to make other people's woes be a cautionary tale onto them.
I'm not saying the measures aren't harsh, but what else can the government do: outlaw credit card use? Punish credit card companies who prey on consumers? As a realist, I'd have to say that's just not gonna happen.
*Right before our whole housing/employment fiasco happened, my husband and I learned we both have excellent credit. My credit score's a bit higher than his because my credit history is at the 10 year mark. Anyway, we got there by paying our bills on time, and in full whenever possible. And those bills over the years have included a few thousand dollars in medical bills, a few thousand dollars in consumer credit, and two car loans between the two of us.