Consumer Credit: Summer of Bankruptcy

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00004415-consumer-credit-summer-of-bankruptcy/

We predict a stormy season ahead. Call it the “Summer of Bankruptcy.”

Between April and October, an increasing number of Americans will file for bankruptcy protection. This action is inevitable because a harsher bankruptcy code begins Oct. 17. That law takes effect at a time when credit is becoming more expensive for ordinary consumers.

April reflected this trend-to-be. According to CardWeb.com, there was a 16 percent increase in bankruptcy filings, up sharply after a steady two-year decline. We expect more bankruptcies ahead because consumers are carrying unmanageable debt loads.

Here’s where the storm clouds appear most threatening.

For this complete story, please visit Consumer Credit: Summer of bankruptcy.

Consumer Credit: Summer of Bankruptcy

Unknown Author

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