Wednesday, May 25, 2005
(8:28 AM) | Adam Kotsko:
Credit Card
Is there any possible relationship between the recent reform of bankrupcy law and the seeming increase in the number of credit card solicitations I've been receiving? I know that the intention of the legislature was primarily moral, to help encourage hard work, thrift, and responsible use of credit, but I just worry that a few unscrupulous credit card companies might use more aggressive, or even outright predatory, lending practices now that they know that it is more difficult for individuals to declare bankrupcy.My suspicions stem from my own personal situation. As many of you know, I have been unable to work more than three days every two weeks. I have turned to subsistance farming at this point, and I fear the ferrets might have an "accident" soon. Once I am done with the PhD, if I fail to find an academic job, I will have the same earning potential as a high school dropout who agreed to a plea bargain to reduce the charges to manslaughter. Yet I quite often find multiple credit card solicitations in the mail. Free balance transfers are nice -- in fact, I applied for a card with a very low interest balance transfer within the past week or so. I'm grateful for all of this help, but it manifestly goes against the "pull yourself up by your bootstraps, hard work leads to freedom" mentality that infused the souls of our loving Republican overlords when they passed the bankrupcy bill.
That said, I have updated my Amazon Wish List, so feel free to buy me something.
