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The Congress is in the throes of likely passing bankruptcy reform. This is being pushed by credit card companies trying to grow their profits. The legislation would make it more difficult for consumers to file for bankruptcy. Congressional Republicans are solidly behind it and so are some Democrats.

The problem is that credit card companies are seducing consumers into using credit cards, and profiting from the monthly minimum payments that many make. The kicker is that in the fine print of many credit card agreements is that if you are late paying one card, other cards can raise your rates. The annual percentage rate -- APR -- can reach around 28%. Laugh at the 0% card if you're offered one.

At this point there no additional disclosure or regulation of credit card companies in return for taking away the possibility of filing for bankruptcy by many credit cardholders. Pigs rule.

 03.06.05