community Service means Business!

24 July 2004

bankruptcy laws for the corporate crowd only!

us airways did it.  why can't i?

from Ethel the Blog
http://stommel.tamu.edu/~baum/ethel/blogger.html
The credit mafia claims that it's really, really being hurt by people who use the current bankruptcy laws to "game" the system, i.e. to run up debts, declare bankruptcy, and keep repeating the process. This is belied by evidence indicating that over 90% of bankruptcies result from job loss, enormous medical bills not covered by insurance, and divorce, with only 3% of those filing for bankruptcy fitting the category of "abuser." So just how badly is this supposed holocaust of abuse hurting the credit mafia?
In 2003, credit-card companies racked up about $30.2 billion in profits, according to CardTrak, a consumer group tracking bank credit cards. That's up from $20.5 billion in 2000 and $6.4 billion in 1990.

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