TomPaine.com - Maxed Out

TomPaine.com - Maxed Out: "Today the new bankruptcy laws take effect, the product of an eight-year, multimillion dollar lobbying effort by the credit card industry. With the rhetoric peeled away, the new law, at its essence, will force any family with household income above their state median to commit all their disposable income to paying off credit card companies. Proponents of the law claimed their goal was to crack down on deadbeat debtors—irresponsible spendthrifts who run up thousands of dollars—then cut and run on paying the bill. This is not an uncommon perception about credit card debt, but it is a myth—one that’s given the status of fact—in our popular culture. Carrie Bradshaw wouldn’t own a single pair of Manolos if it wasn’t for plastic. Another example comes from a commercial that gets a lot of airtime. It features an upper middle-class, white, suburban father proudly showcasing his material accomplishments: membership to the golf club, a beautiful, big house and a nice car. How did he achieve this success? In the spot, he proclaims, “I’m in debt up to my eyeballs. Somebody please help me.” "