Travis Plunkett
Travis Plunkett
almost bad clearly consumers credit far insurance paying research shows
By almost every measure, consumers are paying far too much for credit insurance. The research shows very clearly that credit insurance is a very bad value.
ability afford beyond bills breaks breathing card companies control counseling credit far minor offer people provide relatively room
If your credit card bills are completely out of control and far beyond your ability to afford them, then the relatively minor breaks that credit card companies offer to people in credit counseling may not provide enough breathing room for some people to afford a three- to five-year debt-management plan.
bankruptcy consumers counseling credit hurdle jump relief
We don't want this credit counseling requirement to be yet another hurdle that consumers who really need bankruptcy relief have to jump over to get it,
virtually
What we have right now is exceedingly weak. It's virtually worthless.
absolutely devoted five greater hear last mergers pointed promises proof resources result three
What we have pointed out is that we often hear promises of greater resources devoted to R&D (as a result of a merger), but there is absolutely no proof that in the mergers over the last three to five years that that has occurred.
approach fed fee five hit increasing large number past people taken time tired traps
People are just fed up with the approach that the large credit-card issuers have taken over the past five years. They're fed up with an increasing number of traps and tricks. They're tired of being hit with a fee every time they blink.
bill effort either include relief serious
I think you're going to see a serious effort to include this provision either as a standalone bill or as relief legislation.
industry reaching
I think the credit-card industry is reaching a tipping point,
good late pay paying possible
It is possible some could read this and say, 'they're encouraging me to pay late,' ... Paying late is never a good deal.
chunk concern families largest money putting rent tempted
Rent is often the largest chunk of a family's monthly budget. So the concern would be that these families would be tempted to use money they don't have by putting it on plastic.
companies flooded gradually guidance time until waited
Most issuers waited until at least mid-2005 or later. Credit-card companies should have started implementing this guidance a long time ago. They should have done so very gradually ... That hasn't happened. But we haven't been flooded with complaints, either.
bankruptcy credit decided delivered early helpful late people point support whether wonder
We support credit counseling, especially if it's delivered early, and this is not early intervention. This is late intervention at the point where people have decided that bankruptcy is the only way for them. We just wonder whether this kind of late intervention will be helpful to too many people.
change
For some people, it's going to be not much of a change at all.
bankruptcy credit ended fashion gambling hit law people treats
The law has a one-size-fits-all approach, ... It treats people who have been hit by hurricanes in the same fashion as people who have ended up in bankruptcy from gambling or overspending or misusing the credit they were given.