Support
Support for the act mostly came from banks, credit card companies, and other creditors.
| This section requires expansion. |
Since banks, credit companies and other creditors are the ones who must bear the losses for debts discharged through bankruptcy, their lobby power was a great supporting factor to eventually prevailing and forcing legislatures to pass the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
It was widely claimed by advocates of BAPCPA that its passage would reduce losses to creditors such as credit card companies, and that those creditors would then pass on the savings to other borrowers in the form of lower interest rates. These claims turned out to be false. After BAPCPA passed, although credit card company losses decreased, prices charged to customers increased, and credit card company profits soared.
Read more about this topic: Bankruptcy Abuse Prevention And Consumer Protection Act
Famous quotes containing the word support:
“Those who, while they disapprove of the character and measures of a government, yield to it their allegiance and support are undoubtedly its most conscientious supporters, and so frequently the most serious obstacles to reform.”
—Henry David Thoreau (1817–1862)
“They [women] can use their abilities to support each other, even as they develop more effective and appropriate ways of dealing with power.... Women do not need to diminish other women ... [they] need the power to advance their own development, but they do not “need” the power to limit the development of others.”
—Jean Baker Miller (20th century)
“[They] hired a large house as a receptacle for gentlewomen, who either had no fortunes, or so little that it would not support them. For these they made the most comfortable institution [and] provided [them] with all conveniences for rural amusements, a library, musical instruments, and implements for various works.”
—Sarah Fielding (1710–1768)