On the recordMay 5, 1999
This is one of the most needed pieces of legislation in the economics of this country. At a time when we are at an all-time high economically, when our economy is growing faster than it has ever grown, we end up with the highest number of bankruptcies, 1.42 million, costing consumers over $40 billion in the past year. In 1998, more people declared bankruptcy than graduated from college. That is inconceivable in a country like this. Why is that the case? It is because it is so easy. It is because we have current laws that allow people to choose, well, I guess it would be easier to go bankrupt, so I will do that. That is not what made this country strong. When we owe money, when we have debts, it is the responsibility of each and every one of us to pay those debts, however long we have to work, how many hours per day, how many days per week, how much effort is needed to pay our debts.
Source
govinfo.gov
