On the recordSeptember 28, 1998
We maintain that if we do not reform the bankruptcy bill, every consumer in the United States is faced with higher consumer costs, higher interest rates, higher cost of goods at the supermarket, let alone at the credit market. Now, what happens here, if this Senate provision remains in the bill, the one to which the gentleman from New York commands our attention, then the likely result will be higher annual fees for the rest of the debtors who consume credit on the credit market and higher interest rates because the losses that might be incurred by the credit companies in this particular facet of their enterprise has to be passed on to other customers. Who are they? They are all consumers who rely on credit across the land for the ability to purchase goods, to feed their families, to do all that is necessary to maintain a standard of living on the part of everyone.
Source
govinfo.gov
