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:
“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)
““If only I had a wife!” I used to think, “who could stay home and keep the children happy, why I could support six of them. A cinch.””
—Brenda Ueland (1891–1985)
“I support all people on earth
who have bodies like and unlike my body,
skins and moles and old scars,
secret and public hair,
crooked toes. I support
those who have done nothing large.”
—Naomi Shihab Nye (b. 1952)