The whole bankruptcy bill is for the benefit of the credit card industry. The bill itself is a special-interest law. Garbage weighed down with garbage.
Exactly. Here is my beef with them. Even if you send your payment in on the same time every month, the time it takes for them to post your payment varies. In our experience, and we paid very close attention because we were starting to realize we were being taken for a ride, it took them anywhere from four to thirteen days to post. If they posted after your due date, it was counted as a late payment because they did not get your check in time.
WHAT?!? You were the lame asses who took 13 days to post it!
Doesn't matter. It is a late payment and per the terms of the contract we can now raise your interest rate and you have no say in it. (In our case they doubled it to 24%.)
If they can arbitrarily raise your rate and you have no say, that is a contract of adhesion. At least in insurance the courts are going to rule/lean in the direction of the person who must adhere. There isn't that kind of protection with credit cards. Thus, you should be able to file bancruptcy. Credit cards are not a requirement and companies have the option of whether they issue them or not. How about they show some discretion in who they issue them to? Wouldn't that be something!
Honestly, we oughta just boycott those as well. I was reading an article and the author was pointing out that at the beginning of this century 95% of the population were debt free and 5% weren't. Having a debt was a social stigma. Today the percentages have reversed and having credit card debt is considered normal. Many places won't even rent to you without having a credit card. In my job, you can be a perfect driver and you will still pay higher rates if your credit sucks. I pay higher rates because I simply have no credit rating. I stopped using the things except for dire emergencies. I am about 1 1/2 to 2 years out from being completely debt free. I hate credit cards. In fact, I hate them so much that the thousands that I got back in my tax return this year, every last penny of it, went to the balance of the last card we have. I didn't even take the family out to dinner on it.