I've worked for community groups and for a financial services company, so I see both sides of the issue. Personally, I feel that we need to do a better job of educating our young people about debt and that despite the ease of getting it, it is not always so easy to keep it up (and pay your debts). I don't understand why running up debt, even debt/credit that was "thrown" in one's lap, is seen as everybody but the individual's fault (the credit card company, Congress, etc.).
Secondly, I believe that spiritually (on a karmic level), we should pay back what we owe, no matter how long it takes. Of course, there should be legal protections (and consequences) in place for when calamity strikes, but individuals should be making sure they are personally insured, have savings and other protections that can help them before having to resort to bankruptcy.
As for this legislation, I think it should serve as a wake-up call to those of us who amass debt without a plan to pay it back and/or means to keep up afloat in a medical emergency, death or loss of employment. Once upon a time, we (as a society) used to rely on our savings to get us through such things, as well as to pay for the things we wanted. In short, we need to buck up and teach our kids not to mess up when it comes to credit (that isht ain't no joke-I've got the scars to tell my own story!).
*This is only my viewpoint, not meant as a slight against anyone who has made the decision to file bankruptcy.*
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