Adam's Apple
Senior Member
- Apr 25, 2004
- 4,092
- 451
- 48
Scaring People Away from Debt
By Froma Harrop, The Providence Journal
April 8, 2005
The era of happy borrowing is over. Americans might as well know it. The death bell now tolls for low interest rates. And he who doesn't hear that chime can't miss the siren of bankruptcy reform. The federal bankruptcy bill, sure to become law, will turn many exuberant borrowers into lunch for debt collectors.
Fear does have its uses. If the sight of a tighter noose warns people away from piling up debt, all to the good. Americans will understand that credit cards are a potential enemy and that even the friendly home mortgage can come back to haunt them.
The bankruptcy bill in a nutshell: If you get in over your head in debt, and still have a decent income, you can't wipe the slate clean with a Chapter 7 bankruptcy. Instead, you will be shunted into what's called Chapter 13. There, lawyers will find a way for you to pay back what you owe. That means you will write your creditors checks month after month and, if necessary, year after year.
For full article
http://www.jewishworldreview.com/0405/harrop040805.php3
By Froma Harrop, The Providence Journal
April 8, 2005
The era of happy borrowing is over. Americans might as well know it. The death bell now tolls for low interest rates. And he who doesn't hear that chime can't miss the siren of bankruptcy reform. The federal bankruptcy bill, sure to become law, will turn many exuberant borrowers into lunch for debt collectors.
Fear does have its uses. If the sight of a tighter noose warns people away from piling up debt, all to the good. Americans will understand that credit cards are a potential enemy and that even the friendly home mortgage can come back to haunt them.
The bankruptcy bill in a nutshell: If you get in over your head in debt, and still have a decent income, you can't wipe the slate clean with a Chapter 7 bankruptcy. Instead, you will be shunted into what's called Chapter 13. There, lawyers will find a way for you to pay back what you owe. That means you will write your creditors checks month after month and, if necessary, year after year.
For full article
http://www.jewishworldreview.com/0405/harrop040805.php3