Originally published March 23 2005
Bill to make declaring bankruptcy more difficult does not help those targeted by credit card companies
by Mike Adams, the Health Ranger, NaturalNews Editor
With credit card companies targeting naive students with their high-interest cards, it is easy for young people to quickly fall into deep debt. Thus, the legislation designed to make declaring bankruptcy has some holes, according to Andrew Dugan. With no loopholes for people who have been victims of identity theft, or for those who are called to military service, the law does not help those who need help.
An offer from a credit card company promising low interest rate credit accounts is a familiar item in the mail for most college students.
Students and non-students all too often find themselves with multiple and unneeded credit cards and, invariably, bogged down in debt to these corporations.
Obviously this result stems from some degree of personal responsibility: people should use credit cards only when they know they can make the payments, and not use them simply as a tool to purchase products one otherwise could not buy.
Missing, however, is the element of corporate responsibility which few are quick to point out: credit card companies frequently and aggressively seek out new clients -- people who are often too young to fully understand what they are entering into and others believe credit cards will lift them out of already existing debts.
The consequences from this are quite clear: "Credit card debt has risen across the board over the past decade -- but the most for senior citizens, squeezed middle-income families, and minimum-wage earners," reports the online group Demos.
The last statement brings us to the main focus here, which is Congress' proposed "Bankruptcy Reform" bill that has already passed the Senate in a vote of 74-25.
The bill, in short, makes filing for bankruptcy more difficult.
Declaring bankruptcy has traditionally been a measure of last resort that helps those ridden with debt have some relief but also, like any government support program, it is subject to some abuse.
Broder continues, "The dry language of the Congressional Record recites a series of one-sided votes rejecting amendments 'to protect service members and veterans.
to exempt debtors whose financial problems were caused by serious medical problems.
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