Friday, March 11, 2005

A Hill of credit-card debt

A Hill of credit-card debt
By Josephine Hearn
The Hill
More than 40 members of the House reported carrying at least $10,000 in credit-card or charge-card debt in 2003 and parts of 2004, according to a survey of financial disclosure reports conducted by The Hill.
The findings come as the House is poised to take up a bankruptcy-reform measure that would give banks and credit card companies expanded powers to seek repayment from debtors who file bankruptcy.
Opponents of the bill drew hope from the data, suggesting that lawmakers who nurse high-interest debt might be more likely to sympathize with indebted consumers. High credit-card debt is often a factor in the decision to file for bankruptcy, although the root cause is usually related to a life-altering event such as a divorce, illness or the loss of a job, experts said...