I guess I just assumed everyone was in the same boat, and barely getting by. The last day to file for Bankruptcy is October 17 before all the other restrictions come into play. I'm sure the timing on this is related.
I seriously wonder what will happen when all those armies of people who are just making it find out that they aren't making it after all, and then that they have no refuge in bankruptcy. I have no idea how many of these people there are, but my guess is "large number".
That having been said, the intent of this new regulation is good, to keep the lenders from pimping out low, low payments that basically ensure that nothing ever gets paid off.
I understand your thinking that the new regulation is good, but I can't help but feel the timing is pretty significant. It's going to drive those that are already just barely making it into a really bad situation.
On the plus side, this should happen before the midterm elections, so maybe the Dems will get the house/Senate back! But first, they need to figure out who the hell they are anymore, find their backbones, etc.
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Date: 2005-08-22 09:52 pm (UTC)(no subject)
Date: 2005-08-22 09:59 pm (UTC)That having been said, the intent of this new regulation is good, to keep the lenders from pimping out low, low payments that basically ensure that nothing ever gets paid off.
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Date: 2005-08-23 03:54 pm (UTC)I understand your thinking that the new regulation is good, but I can't help but feel the timing is pretty significant. It's going to drive those that are already just barely making it into a really bad situation.
On the plus side, this should happen before the midterm elections, so maybe the Dems will get the house/Senate back! But first, they need to figure out who the hell they are anymore, find their backbones, etc.
Ack - too early for politics. Sorry!