So The Abuse Shall Continue...

Let me get this straight: The Senate votes down measures to curb abusive penalties and fees and votes for making it harder for people to discharge their debt using Bankruptcy Laws. This time this assault on consumers will probably pass--with the Assaulter in Chief in the White House posed to cease any opportunity to make it harder for the regular people...

"Punitive charges -- penalty fees and sharply higher interest rates after a payment is late -- compound the problems of many financially strapped consumers, sometimes making it impossible for them to dig their way out of debt and pushing them into bankruptcy.

The Senate is to vote as soon as this week on a bill that would make it harder for individuals to wipe out debt through bankruptcy. The Senate last week voted down several amendments intended to curb excessive fees and other practices that critics of the industry say are abusive. House leaders say they will act soon after that, and President Bush has said he supports the bill.

Bankruptcy experts say that too often, by the time an individual has filed for bankruptcy or is hauled into court by creditors, he or she has repaid an amount equal to their original credit card debt plus double-digit interest, but still owes hundreds or thousands of dollars because of penalties."


Credit Card Penalties, Fees Bury Debtors