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S. 257, The Consumer Credit Fairness Act (5 comments ↓ | 5 wiki edits)
S. 257 would amend title 11, United States Code, to disallow certain claims resulting from high cost credit debts.
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w b
March 31, 2009, 1:10pm (report abuse)it's about time some help comes along for the hard working american and not the greedy credit card companies. this is long overdue. 100% supportive.
Penny Baer
April 2, 2009, 5:14pm (report abuse)This country needs to pass bills to help undo the Republican Bankruptcy Reforms of the past. The Credit Strapped middle class are getting sucked dry in the Bankruptcy proceedings now. Let's hope that the Consumer Credit Fairness Act gets a fast track through congress to become law!
Pamela
May 1, 2009, 11:09pm (report abuse)This bill is BAD. Wise up and educate yourself: http://www.savemypawnshop.com/pawnshops/store_links
Joe H.
May 7, 2009, 10:53pm (report abuse)So let me get this straight. If you have a car loan at 18% APR, then file Bankruptcy and be rewarded with a free car? Ridiculous!!!!
mltd03
May 22, 2009, 1:52pm (report abuse)It amazes me that this proposal has gone as far as it has. This is absolutely ridiculous! In this economic/unemployment crisis, more and more Americans have been pushed into the lower credit score ranges. There is inherently more risk for lenders the lower the credit score. As with any business, you price for your cost of funds/merchandise and risk. If companies are within the legal usary limits, then their contracts should not be voided with no recourse to recoup the funds they lent. Everyone wants something for nothing -- let someone else pay the bill!!!!
If passed and a person has any brains at all, they will go buy a $50,000 car, put as little down as possible, ASK FOR A HIGH INTEREST RATE, wait 3 - 6 months and then file BKO. WOO HOO - free $50,000 car! Way to stimulate the economy! Lenders will go out of business or refuse to lend to people with spotty credit -- watch out what you ask for!