Credit Card Industry to Tom Carper, “Sit!…Roll Over!…Play Dead!”

Filed in National by on October 30, 2008

via eschaton…

Full Circle 

Credit card issuers have discovered that maybe it’s sometimes in their interest to forgive a portion of credit card debt. They’ve realized this after they lobbied hard to make bankruptcy a worse deal for consumers. Instead of declaring bankruptcy, people now just walk away from their debts. Now they want the government to make it easier for them to forgive credit card debt by making the tax treatment of forgiven debt more generous.

Bankruptcy protection, like limited liability, is there because the system doesn’t really work without it. Unbalance the system too much by messing with them and it stops working. Heckuva job, credit card lobbyists.

Anybody wanna bet what side of this forgiven debt tax question Tom Carper is on?

About the Author ()

Jason330 is a deep cover double agent working for the GOP. Don't tell anybody.

Comments (2)

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  1. Unstable Isotope says:

    Gee, who could have thought this bankruptcy bill would not work out? It seemed like such a good idea at the time!