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In Debt? Sue the Creditors!

A couple has sued Visa, claiming that they do not have to pay their 100,000 in credit card bills, as they were illegally-processed transactions for gambiling! Although the suit seems meritless, if one believes in the ability of individuals to make choices, the credit card companies have steadily issued more and more credit while lobbying to make it harder for individuals to declare bankruptcy. MBNA was the largest campaign contributor in the 2000 election cycle, and sure enough in the 107th Congress, the bill that moved the quickest was the bankruptcy bill (although it never actually passed that congress). Anyways, while one may have a knee-jerk reaction against the two who brought the suit, consider the credit card companies here--they are taking business risks by lending to irresponsible people, maybe it's okay for them to be stuck with the tab sometimes.

Posted by chris at August 25, 2003 11:31 AM