| Credit Card Bankruptcy Reform |
| By Credit Federal |
Published
09/10/2008
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Financial News
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Proposed Credit Card and Bankruptcy Filing Reforms
Barack Obama bankruptcy reform:
Obama promises to reform bankruptcy filing laws to make it easier for military families, disaster victims and homeowners. He acknowledged that; although Americans have a responsibility to pay their debts, struggling families need more financial help. He claims that the federal government has done more to protect banks than to protect consumers. One suggestion is a "fast track" process for military families that would eliminate the extra steps of the means test and mandatory consumer credit counseling, which was implemented by the 2005 bankruptcy law. Senior citizens filing bankruptcy would have help to protect their homes.
But most people never file bankruptcy...
Sara Palin credit card reform:
Palin tackles the toughest problem facing most Americans... credit card companies that employ tricks and traps to snare cardholders with costly fees. Maria Bartiromo, Business Week columnist and CNBC's Closing Bell anchor, asked Palin this question: "Middle-class Americans who pay their bills on time are seeing their credit-card rates jacked up, but the Democrats, like Democratic Vice-Presidential nominee Joe Biden, who has long had deep ties to that industry, don't seem to be reacting to that issue. Do you see an opportunity there for Republicans?"
Palin's responded; "Yep. Here again, Republicans have got to be observant of what is going on in the Democratic Party, and if Republicans are going to finally reform our own party; and I am convinced we have to reform, we've got to not embrace the status quo and just be going along to get along. We have got to get out of the box, and we've got to start doing some really unconventional thinking here and grab hold of some of these issues that the Democrats are slacking off on. It's not only our responsibility to Americans, but it's our opportunity to show that this party is not going to be controlled by just special interests and the pork-barrel politics of the past, but we are going to reform and we are going to be serving for the right reasons."
Although her response didn't give a direct answer, nonetheless it showed that she is in touch with this issue and sees the need for action, whereas Obama and Biden have yet to take a stance on this issue.
Research more credit card articles and bankruptcy resources so you can avoid a bad credit report score.
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