Political Quotes

“we all have been told in so many words that bankruptcies are on the rise, and indeed they are, and that because of that everybody suffers because of increased interest rates and other charges. And we are also told, and rightfully so, that consumers need to take personal responsibility for their obligations. That is true, as well. As we address bankruptcy reform today, we have a unique opportunity to at least modestly combat part of this rising trend in bankruptcies, and one of the best ways that we can begin to tackle that is to have more information for consumers so that they are better informed and can make smarter decisions about their credit needs. How do we do this? First, with better and clearer disclosure rules for solicitations and credit applications. Every one of my colleagues here are familiar were the deluge of solicitations that we get in the mail almost on a daily basis advertising a particularly low introductory rate, and the rate is on the envelope and it does not tell us how long that rate is for and the consumer cannot make an objective kind of a decision; and then he borrows at a rate that he thinks he is going to have for a longer period of time and that ends and the interest rates goes up and he is paying more than he did under a previous credit card that he might have had that he switched over from.”