"Universal Default is Out of Control" Post At Bizzyblog

Tom Blumer's recent post about universal default is another good one, even though I'm more sympathetic to bankruptcy reform than Tom is, and we've had some spirited debates about it in the past. (And by the way, Tom, it's the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, not the Bankruptcy Prevention and Consumer Protection Act... I think that was just a typo on your part, but that's an important word to leave out!)

But as for Universal Default, he's right; it's getting ridiculous. I have a feeling that Universal Default will will not endure forever; it's universally reviled outside of credit card company headquarters, and laws are already being passed to restrict the practice. I think our political leaders should be falling all over themselves trying to limit Universal Default; in the meantime, read the fine print and avoid credit card companies who employ this bogus practice!

Comments

[Tom Blumer]

Thanks for the catch. I'm going to make the changes and that makes the acronym BAPCPA. Oops. There should be a rule against acronyms of more than 4 letters.

[Jeff Michael]

Hey, Tom, sorry I made a public display of correcting you, but I was tickled by the double meaning there... changing "Bankruptcy Abuse Prevention" to "Bankruptcy Prevention" may have actually gotten closer to the real intent of the bill!

[Thomas Blumer]

That is funny. You can point out things any time. E-mail would be better, if only because I'll fix things faster. "Public" dress-downs are an occupational hazard. Compared to the garbage I've had to put up with from people who didn't like the result of the Congressional election down here this past week (lefties and righties), which I blogged on extensively, this a walk in the park.