Pocket Full of Mumbles

What's done is done, and this puppy's done. Visit me over at Pearls & Lodestones

Tuesday, December 06, 2005

Could this Become Bush's Biggest Mistake?

Before the signing of the bill that made it difficult at best to file for bankruptcy, how many people knew before-hand that this bill would allow Credit card companies to raise, and in some cases double their minimum payments? For those who have minimum payments of $200 on a single card... I know, most people have more than 1 card, but for the sake of illustration, what happens to a person struggling to make his/er minimum payment when it suddenly jumps from $200 to $400? And since most people have at least 3 credit cards, what happens to those people who pay $500 a month in minimum payments when their minimums double?

We should all be thankful there isn't a Debtors Prison in our modern society, though it could be argued that Poverty is such a prison. A lot of people are going to be hurt by this; by companies who show little concern about how much, and to whom, they extend credit.

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