We're going to see people in a debtor's prison without walls, ... They'll essentially slip through the safety net, hit the ground and then sink into an underground economy.
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.
Bankruptcy is an important safety net that families hit by unforeseen circumstances depend upon. The federal government should be bending over backwards to help Katrina's victims get back on their feet, not throwing up new barriers to bankruptcy.
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.