We recently had the opportunity to watch “MAXED OUT” on one of the cable channels the other night. We want to comment on one particular point that was mentioned in the documentary. MBNA and the bankruptcy law. Although there are many points to expound on, we feel that this one particular point at this time is very important due to where we are in this economy.
Next Level Unlimited is not going to write about politics and the elections. However, we will write about the parties involvement with the credit cards and collection debt industry on both sides. We are here to write about hope and moving forward with wealth. We are here to empower the consumer with their rights on fighting debt collectors. Our crusade is to fight the corruption in the collection industry.
In “MAXED OUT” there is a part about the bankruptcy reform act of 2005. This was the act that changed the requirements for consumers to declare bankruptcy. We did some research about these consumer credit hearings in 2005 and here is what we found.
“So what does the bill do? It makes it harder for average people to file for bankruptcy protection; it makes it easier for landlords to evict a bankrupt tenant; it endangers child-support payments by giving a wider array of creditors a shot at post-bankruptcy income; it allows millionaires to shield an unlimited amount of equity in homes and asset-protection trusts; it makes it more difficult for small businesses to reorganize while opening new loopholes for the Enrons of the world; it allows creditors to provide misleading information; and it does nothing to rein in lending abuses that frequently turn manageable debt into unmanageable crises. Even in failure, ordinary Americans do not get a level playing field. ”
The government made it more difficult for consumers to get out of their financial hardship situation. When this act was put in effect in 2005, it ensured that the consumer could not declare bankruptcy as easy as previous years. The consumer would remain in dire straits with not a lot of options if any. Next Level Credit does agree with bankruptcy as an option depending on your financial situation. The law is in place for that reason. If it was not an option for our consumers why have bankruptcy options? This law will also keep the consumer in severe credit card debt. Late charges, interest and over the limit fees and on is huge profit for the credit card industry. It is basically the pulse of profit.
Here are three disgusting shockers:
shock number one:
MBNA credit card giant wrote (most of it) and funded the bankruptcy reform act in 2005. Funded! Funded?
“The president, well aware that credit card giant MBNA is one of the Republican Party’s largest donors, has promised to sign the bill as soon as someone hands him a pen. ”
shock number two: MBNA funded the Bush campaign. Funded! Funded?
shock number three: MBNA funded the Joe Biden campaign Funded! Funded?
MBNA donated more than $200,000 to his campaigns. The Delaware-based company gave a job to Mr. Biden’s son Hunter; flew Senator Biden and his wife to the Maine coast, where Mr. Biden spoke at a company retreat; and its former chief executive, Charles M. Cawley, donated at least $22,500 to a nonprofit breast cancer fund started by Jill Biden. (NYT Oct 1, 2008)
For the record, Biden’s home state (Delaware) famously holds the incorporation papers of large credit card and financial services companies. He voted for the final version of the bill which was cleverly titled the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,” but it wasn’t aimed at preventing abuse or protecting consumers, and everyone knew it. (Huffingtonpost.com Aug 23, 2008)
Does this make your blood boil and your jaw drop to the floor?
Why would MBNA fund these campaigns? You figure it out. We welcome your comments here.
You can fight back! Contact government and tell them how you feel about this. Both parties are sleeping with the enemy.
The financial services industry began seeking relief from Congress in the mid-1990s from an increase in bankruptcies that was cutting into its profits. Its initial support came from Republican lawmakers, who repeatedly introduced bills to make it more difficult for consumers to erase their debts. During that time, executives at MBNA, which was bought in 2006 by Bank of America, began donating heavily to both major political parties and many national politicians, including Mr. Biden. (Philly.com Aug 25, 2008)
This is ONE MORE REASON (govt control of bk reform) to take control and have your own business.
NEXT LEVEL CREDIT
You are gonna make it radio interview
Tweet This Post