March 11, 2007
Credit Card Offers on the Rise as Your Bankruptcy Options are Reduced
Notice more credit card solicitations in your mailbox? If so, it is no illusion. Attorney Cathy Moran, writing in her informative "On the bankruptcy soapbox" bankruptcy blog reports that since the October, 2005 effective date of the new bankruptcy law, credit card companies have sent out 8 billion solicitations, an increase of 1.5 billion from the year before.
It seems that the credit card companies know what bankruptcy lawyers know all too well - under the current bankruptcy law filing for relief has become complicated, expensive and time consuming. With the doors to the bankruptcy courthouse closing, why not extend more credit to struggling families knowing that bankruptcy is less of an option.
The 2005 changes to the bankruptcy law has the Orwellian title - Bankruptcy Abuse and Consumer Protection Act of 2005. Maybe there's some consumer protection in there somewhere - I just have not found it yet.
Technorati Tags: BAPCPA, credit card solicitations, credit card offers
Filed under Georgia Bankruptcy by Jonathan
Comments on Credit Card Offers on the Rise as Your Bankruptcy Options are Reduced »
THIS MAY VERY WELL BE A STUPID STATEMENT…THE CREDIT CARD COMPANIES HAVE TRIED TO RUIN ME… SO I THINK THAT I WILL START PREPARING TO FILE CHAPTER 7…SUCH AS SELLING MY HOME…DIVORCING MY SPOUSE BECAUSE OF THE MEDIUM INCOME REQUIREMENTS,,, THIS WAY I THINK WE CAN BOTH FILE. I UNDERSTAND THAT THIS MAY TAKE A YEAR OR SO… BUT THE WAY THE CREDIT CARD COMPANIES ARE DOING US…IT WILL BE 20 OR MORE YEARS OF DEBT. YOU SEE THEY ARE RAISING MY INTEREST RATES BECAUSE I HAVE OPTED TO QUIT USING THE CARDS TO TRY TO PAY DOWN THE DEBT.I GUESS WHAT I AM REALLY WONDERING IF MY ACTIONS WILL WORK IN TIME…