Timothy Roemer: “I think there are two key issues as we debate this bankruptcy reform bill. One is personal responsibilities. We have…”

“I think there are two key issues as we debate this bankruptcy reform bill. One is personal responsibilities. We have seen a 94-percent increase in the filings of bankruptcy since 1990. We need to address this, and I believe this bill does it in a coherent and fair fashion. The second issue that this amendment gets to is not so much credit card availability but consumer protections. There are two provisions in this amendment that I encourage my colleagues to take a look at and support. One is the minimum payment that we have, that we have better disclosures on how long it would simply take to repay a balance if they pay the minimum amount each month. That is the minimum payments requirement. Secondly, the so-called teaser rates is that companies need to disclose what that introductory rate is, if it is 9 or 10 percent, and then what it is going to go up to after it teases them with that first 9 or 10 percent, if it is then going to be 11 or 12 or 18 or 19 percent later on. We need consumer disclosure and consumer protections.”