Chicago Bankruptcy Laywers Suggest Chapter 13 for Consumer Financial Protection
I guess the banking industry hasn't heard of karma.
After sending our economy into a downward spiral with irresponsible lending practices - and putting millions of Americans out of homes, jobs and dreams in the process - they were bailed out by the same taxpayers they nearly destroyed.
So when the industry caught wind of the proposed Consumer Financial Protection Agency, a group that's only purpose would be to protect consumers against the same sort of events in the future, you'd think they'd be on board. They owe it to us, right?
Apparently not, because the lending industry has the nerve to fight tooth and nail against the agency. As op-ed columnist Bob Herbert put it in the New York Times: "We're reaching a whole new level of chutzpah here."
Earlier this week, I wrote about breaking up with my bank. They had been charging me a growing list of miscellaneous fees. I'm not even talking about fees for overdrawing or bouncing checks - I'm talking fees for following the rules, for using services they provided me, like, oh, having an account! They were basically punishing me for being a customer. And now the entire industry is punishing us for being good customers, not to mention taxpayers.
Lenders are hoping you don't notice their disregard for your rights, just like you won't notice the hidden fee on page 20 of your credit card contract, or the impossible terms in the book that is your loan agreement.
I say it's time to call them on it. Only time will tell if the Consumer Financial Protection Agency will have the power to do it. But you don't have to wait.
If you're in debt, you already have a form of consumer protection. It's called bankruptcy, and it's your legal right. Filing for Chapter 13 can stop foreclosure, protect you from creditors and re-organize your debt so you can afford the bills. It's easy to find out if a bankruptcy plan is right for you - simply sign up for our free one-on-one debt analysis and a DebtStoppers attorney in Chicago or Atlanta will review your finances and answer all your questions at no cost. Banks want to take away your financial freedom. Isn't it time to stand up for your rights?