Monday, April 18, 2005

Opinion - Short note on Credit Responsibility

Over the weekend, I drafted an email to my friend Tom over at BizzyBlog and I recalled something that did not get much attention during the debate on bankruptcy reform.

Those that supported the bill (certain Senators, Representatives and academics) continuously harped on the notion that people had to take responsibility for the debts they incurred. However, they miss (either intentionally or just plain stupidity) to acknowledge that in almost every situation that includes credit cards, the rules changed.

If you borrowed money from me and while paying it off, I double the interest rate, you would be highly pissed off. Especially if I did so because I found out you were late paying your light bill.

I have no problem with personal responsibility, but when one side gets to change the rules after the game has started, there is something rotten. Those that support reform have valid points, but what they are doing is bricking up a window because the flies are getting in the torn screen.



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