{"id":91,"date":"2009-02-02T16:31:00","date_gmt":"2009-02-02T16:31:00","guid":{"rendered":"https:\/\/mn-bankruptcy.com\/blog\/?p=91"},"modified":"2009-02-02T16:31:00","modified_gmt":"2009-02-02T16:31:00","slug":"credit-card-industry-profits-increased","status":"publish","type":"post","link":"https:\/\/mn-bankruptcy.com\/blog\/credit-card-industry-profits-increased\/","title":{"rendered":"Credit Card Industry Profits Increased"},"content":{"rendered":"

I find myself looking at a 32 page report<\/a>, complete with colorful graphs and charts, written by a gentleman by the name of Michael Simkovic<\/span>. Mr. Simkovic<\/span> was a fellow in law and economics at Harvard Law School between 2006 and 2007. He published this report last July. His subject is the effect of the 2005 “Bankruptcy Abuse Prevention and Consumer Protection Act.” Many of us call that BAPCPA<\/span> (pronounced “bapceepa<\/span>“).<\/p>\n

The report begins by reminding us that supporters had claimed that ultimately this law would benefit consumers, because it would lower the cost of credit card debt. The data shows, however, that while credit card company losses decreased, and the card companies had record profits, costs to consumers actually increased. “In other words,” says Mr. Simkovic<\/span>, “the 2005 bankruptcy reform profited credit card companies at consumers’ expense.”<\/p>\n

No big surprise there. But thanks to Mr. Simkovic<\/span> for laying out the details and proving it beyond a reasonable doubt. This seems to be very consistent with a series of articles published in the Star Tribune last October which stated, among other things, that BAPCPA has been one of the contributors to our current economic meltdown.<\/p>\n","protected":false},"excerpt":{"rendered":"

I find myself looking at a 32 page report, complete with colorful graphs and charts, written by a gentleman by the name of Michael Simkovic. Mr. Simkovic was a fellow in law and economics at Harvard Law School between 2006 and 2007. He published this report last July. His subject is the effect of the … <\/p>\n

Continue reading “Credit Card Industry Profits Increased”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4,71,69,12],"tags":[],"class_list":["post-91","post","type-post","status-publish","format-standard","hentry","category-bankruptcy","category-bapcpa","category-chapter-13","category-chapter-7"],"yoast_head":"\nCredit Card Industry Profits Increased - Better Call Dave - Bankrupt MN Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mn-bankruptcy.com\/blog\/credit-card-industry-profits-increased\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Card Industry Profits Increased - Better Call Dave - Bankrupt MN Blog\" \/>\n<meta property=\"og:description\" content=\"I find myself looking at a 32 page report, complete with colorful graphs and charts, written by a gentleman by the name of Michael Simkovic. 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Sometimes that seems like a long time, and other days I feel as if I just started. These days my practice is devoted entirely to counseling folks concerning their financial problems and representing them in Chapter 7 and Chapter 13 bankruptcy. One thing I don't do is credit repair. When asked about matters concerning credit scores, I like to say \\\"I'm a very good source of unreliable information about that.\\\" What I mean is that I hear a lot about it from my clients who often report back to me how they are doing after their bankruptcy is completed, sometimes even years later; but having heard some stories from a few people doesn't qualify me to give any advice. I spend a lot of time with my clients. I want to be sure we get it right. There are civil and criminal penalties for concealing or providing incorrect information in a bankruptcy care, and my goal is to keep myself and my clients as far away from problems like that as possible. 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