1978
wrote an interesting post today on
Here’s a quick excerpt
No one wants to file bankruptcy. Everyone who comes into my office is fearful of what will happen when they file: will I ever be able to buy a house or a car? will my name be published in the newspaper? will the trustee come to my house and take my 10-year old television? For clients of a certain age, however, the stress is even worse. They are in sheer mental agony over the possibility of discharging their debts. The comment I often hear is “this is not how I was raised. I was raised to pay my debts no matter what.”
This is what I tell them.
For thousands of years, there have been usury laws, which prevent a lender from charging a ridiculous rate of interest. That is until 1978. That year, the United States Supreme Court, gave American credit card companies a tremendous victory that effectively gutted the usury laws. […]
Read the rest of this great post here