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:
“The community and family networks which helped sustain earlier generations have become scarcer for growing numbers of young parents. Those who lack links to these traditional sources of support are hard-pressed to find other resources, given the emphasis in our society on providing treatment services, rather than preventive services and support for health maintenance and well-being.”
—Bernice Weissbourd (20th century)
“There are so many intellectual and moral angels battling for rationalism, good citizenship, and pure spirituality; so many and such eminent ones, so very vocal and authoritative! The poor devil in man needs all the support and advocacy he can get. The artist is his natural champion. When an artist deserts to the side of the angels, it is the most odious of treasons.”
—Aldous Huxley (1894–1963)
“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)