Bankruptcy Bill: Means less disposable Income.

[indianablue]

Having that many people on an economic leash for 5 years meaning they will have less disposable income will be felt in the economy for sure.

I think this will backfire in some ways on the creditors.

As more and more people get stung by this new law ..that will pass .. i think it will change their spending habits even a little can give the economy a cold.

Recessions will last longer because people file bankruptcy during recessions and now once the recession is over they will still be in tied to debt thus prolonging the recession.

Just like everything Bush, Inc does short term gain in exchange for long term pain.

Edited: For extremely bad grammar and spelling.

[madrchsod]

1. you are on to something there

since i`ve been thru this i can say that i would still be paying on debt and that wouldn`t allowed me to purchase a house. i still cannot get a credit card or any credit but i`ll be ahead of the game when the shit hits the fan. all i owe is the s&l and they can`t go over 7.5%.

[Philosophy]

2. But you forgot about trickle-down economics

If the rich credit card companies have more money they manufacture more credit cards to give to even more poor people, who can go chapter 13 bankrupt so they have to give all their money to the credit card companies for years and years and then the credit card companies get even more money so they can manufacture even more credit cards to give to even poorer people...

Before you know it we'll be back to living like we were in the good old days 1000 years ago, where the credit card company CEOs live in fancy castles and the serfs toil their fields for them. And there will probably be unicorns and fairies and dragons and goblins. That would be so cool.

[caledesi]

7. Yeah, but what will they do with deadbeats like me?

Seriously illness, waiting for disability to be approved. Could be a year before I even get a hearing w/ a judge for determination (was denied twice already). The docket is quite full here in Tampa.

No income, so how am I supposed to pay these CCs off?

All credit cards that I have defaulted on after I got sick are in my name and ONLY in my name. It was a bad time bec, as many of you know, my husband was laid off after 20 years w/ same company when I got sick, so there wasn't and still isn't any $.

From what I have read, they can only "go after" assets that are solely yours. In other words, your spouse can't be penalized for your debts.

We own a condo, but my husband took the mortgage out on it, although my name is on the title.

Any thoughts about this? I haven't slept all night. It's insomnia from worrying about the bankruptcy thing.

I hate *.

edit: usual stuff

[cornermouse]

3. High gas prices also means less disposable income.

Along with increasing health insurance premiums and employers dumping more of that increase on the employee.

[CountAllVotes]

4. I've already started ....

I made some online purchases and plan to return these items as I do not "need" them. I "need" the money more.

I intend to only use the credit cards for recurring expenses on a card that gives me 1.25% cashback at the end of every month.

I do not plan to use them anymore for any other reasons except necessities.

I do believe they have shot a hole into the feet of not only the American people, but also themselves.

This is one way we can fight back. Simply do not use credit cards if you can avoid it and only use them if you can pay the bill in full at the end of the month and get something back out of it like money!

:kick:

[KT2000]

5. Agree there will be economic impacts

but I still think that it is part of an effort to break the back of the American middle class and shift the consumer base to China and India. I think the corporation has decided that American wages have become too high to compete with China and India and it has to be taken down.

They had to have realized that people hamstrug by medical bills and credit card bills FOREVER will in effect drop out of the economy except for essentials.
As far as I know the bankruptcy bill did not address the fact that credit card companies are issuing too many cards with limits too high.

[caledesi]

6. Xmas shopping will be quite interesting this year.

Major losses for all retailers.

[Vinca]

8. In addition to vowing not to use my credit cards, I refuse

to buy articles produced by outsourcing. That, of course, means I won't be buying much. If everyone did that there would be a dive in the economy that might get their attention. The only thing this administration understands is $$$$$$$$$$. (P.S. Still looking for an American-made toaster if you know of one.)