Forum Post: OWS Platform Proposal -- Ending Debt Enslavement
Posted 13 years ago on Nov. 15, 2011, 8:33 p.m. EST by mbcollins
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Agrressive lending is bad for individuals, families, communities and the country.
Lending became a great deal more aggressive after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
Since then, consumer debt has soared.
Lenders became very aggressive after our government agreed to make it nearly impossible to file for bankruptcy.
It's time to undo this injustice. Lenders have access to mountains of information regarding a borrowers credit history. If they don't think someone is a good risk, then, it's very simple--Don't Loan Them the Money.
While we don't send people to prison anymore for indebtedness, wage-attachment is half-way there.
It's time to repeal the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Anyone who is willing to take a hit on their credit history can go ahead and file for bankruptcy.
That'll teach lenders not to be so agressive.
An interesting read on lending and borrowing: http://www.blavatsky.net/magazine/theosophy/ww/additional/KernelsOfWisdom-Series/DoNotBorrowOrLendMoney.html
Now you're talking!
You can't be serious. You really think the lenders, aggressive as they may be, are more at fault than the consumer when it comes to consumer debt? And you wonder why people come in here and preach individual responsibility?
Dude, banks didn't suddenly get "aggressive" with lending, they simply responded to the change in the market that made it less likely that a borrow could declare bankruptcy. There was no feeling behind it. The numbers just made more sense to lend to less qualified people.
And guess what? The other half of the lending equation, the borrower, took the loan!