Travis Plunkett
Travis Plunkett
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What the credit bureaus are most interested in is gaining market share in the increasingly lucrative market for credit scores.
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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,
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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.
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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.
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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.
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Credit card lenders are luring consumers onto a minimum-payment treadmill. Consumers don't have the information they need to get off of it.
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The bill simply doesn't balance responsibility between families in debt trouble and the creditors whose practices have contributed to the rise in bankruptcies.
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They've done nothing, absolutely nothing. The credit card industry has an enormous amount of power in Washington. They bottle these bills up.
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Your credit report is your passport to your essential financial information. Increasingly, what's in your credit report determines whether you'll get credit and how much you'll pay for it.
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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.
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shouldn't have to jump through hoops to get bankruptcy relief.
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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.
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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.
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I think you're going to see a serious effort to include this provision either as a standalone bill or as relief legislation.