Wednesday, March 09, 2005

Greedy Politicians likely to pass Bankruptcy Bill

Heartless politicians of BOTH parties are likely to pass the bankruptcy bill. If a major corporation is about to go under it can file for bankruptcy protection, but if an individual can't fullfil his or her financial obligations that is just too bad. He or she will just have to pay. That is the point of view of the Republicans
in congress as well as a sizeable number of Democrats. The wealthy have their tax-burden lightened while
the poor and the middle class have to pay for everything. This is a situation that is very similar to the time
just before the French Revolution. Your children have probably been bombarded with advertisements about credit cards. Today it is almost impossible to rent a car unless you have one. They are also needed for various
types of identification. The credit card companies will benefit from the new law that will make it extremely difficult for the average individual to declare bankruptcy, by some estimates as much as 5% percent.
One of the strongest advocates for this bill is the same organization that made the highest corporate donation to the Bush campaign.....MBNA. As someone who is just recently finding his way out of a financial
quagmire brought about by credit cards. I encourage all people who have them to get rid of them. If people
stop using credit cards (especially those from the predatory genre) less people would find themselves in financial trouble. Some companies are penalizing their customers who pay on time. Many companies have
exorbitant interest rates. The industry is telling us they just want to get their money. But what they are not
telling us is that at least 90% of those people who have credit cards are responsible in their use. Most people
who intend to declare bankruptcy do so only after a catasthrophe, like major illness or the loss of the major
breadwinner in the household , not because of irresponsibilty. These predators want to go after the homes and
other properties of unsuspecting innocents. I would expect today's Republicans to condone such policies
because they are closely allied to the Banking industry, but this industry also controls many apparently "progressive Democrats" too. There is just something disheartening about seeing Robert Byrd(D-WVa) or
Joseph Biden(D-Md) supporting this bankruptcy bill when they have been quite vocal on other issues that
affect the middle class. So spread the word...DON'T USE CREDIT CARDS unless there is no other alternative.

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