Re: New bankruptcy law

["Goncalo Fonseca" <fonseca@xxxxxxxxxxxxxxxxxx>]

Sven wrote:

> I would say credit card companies have already passed the cost of high
> bankruptcy rates on to us in the form of higher interest rates and other
> charges. And they won't cut down lending. I'm willing to bet that they
> won't give the money back to us if bankruptcy rates fall - it'll simply
> be a fringe benefit, a no-effort cash shower for the companies. However,
> based on precisely your remark that existing debt wasn't assumed under
> this law but will be subject to it anyway, I don't think there will be a
> fall in the rate of bankruptcies in the US. Lonnie Stevans referred to
> this as yet another expression of class warfare. Sounds pretty much like
> what it is to me.
>

I believe you are correct!. I was giving the credit card companies the
benefit of the doubt.

Goncalo