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:
“Criticism is a study by which men grow important and formidable at very small expense. The power of invention has been conferred by nature upon few, and the labour of learning those sciences which may, by mere labour, be obtained, is too great to be willingly endured; but every man can exert some judgment as he has upon the works of others; and he whom nature has made weak, and idleness keeps ignorant, may yet support his vanity by the name of critic.”
—Samuel Johnson (1709–1784)
“Never support two weaknesses at the same time. It’s your combination sinners—your lecherous liars and your miserly drunkards—who dishonor the vices and bring them into bad repute.”
—Thornton Wilder (1897–1975)
“I believe, as Maori people do, that children should have more adults in their lives than just their mothers and fathers. Children need more than one or two positive role models. It is in your children’s best interest that you help them cultivate a support system that extends beyond their immediate family.”
—Stephanie Marston (20th century)