The best thing that Congress could do right is to go back to the drawing board and offer targeted assistance to the relatively few businesses that can't get terror coverage, like some skyscrapers.
When the issues are fairly cut-and-dried.
They'll never get a fresh start, ... And over the long haul, this can have a significant impact on the economy, if a large number of people can't get back to being ordinary consumers.
We support credit counseling, especially if it's delivered early, and this is not early intervention. This is late intervention at the point where people have decided that bankruptcy is the only way for them. We just wonder whether this kind of late intervention will be helpful to too many people.
[The new law will likely mean higher legal fees, because of added responsibilities and costs.] I know prices are going to go up, ... Whether some lawyers take advantage and charge an arm and a leg, we'll be looking out for that.
If your credit card bills are completely out of control and far beyond your ability to afford them, then the relatively minor breaks that credit card companies offer to people in credit counseling may not provide enough breathing room for some people to afford a three- to five-year debt-management plan.
I think the credit-card industry is reaching a tipping point.
We don't want this credit counseling requirement to be yet another hurdle that consumers who really need bankruptcy relief have to jump over to get it.
It is possible some could read this and say, 'they're encouraging me to pay late,' ... Paying late is never a good deal.
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