Back in October of 2005, the bankruptcy laws changed. The new changes were pushed very hard by the credit card companies and the they were supposed to make it tougher for individuals to file for consumer bankruptcy. Although it made it more expensive and more time consuming to file for bankruptcy, the numbers show that not many individuals have been negatively affected by the new laws. Bankruptcies are on the rise and the numbers will probably continue to go up for the next few years. This is not good news for the credit card companies. It makes me wonder if they would have pushed for the new laws if they only knew what was coming around the bend.
Liz Pulliam Weston, a writer for MSN Money , wrote a very good article on this issue. That ararticle can be found here.
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