Support
Support for the act mostly came from banks, credit card companies, and other creditors.
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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:
“There is a period near the beginning of every man’s life when he has little to cling to except his unmanageable dream, little to support him except good health, and nowhere to go but all over the place.”
—E.B. (Elwyn Brooks)
“I make this direct statement to the American people that there is far less chance of the United States getting into war, if we do all we can now to support the nations defending themselves against attack by the Axis than if we acquiesce in their defeat, submit tamely to an Axis victory, and wait our turn to be the object of attack in another war later on.”
—Franklin D. Roosevelt (1882–1945)
“The wisest thing a parent can do is to let preschool children figure out themselves how to draw the human figure, or solve a whole range of problems, from overcoming Saturday-morning boredom to dealing with a neighborhood bully. But even while standing on the sidelines, parents can frequently offer support in helping children discover what they want to accomplish.”
—John F. Clabby (20th century)