Monday, March 07, 2005

Morally Bankrupt: The blogosphere has proven its mettle by forcing high-profile media figures out of their jobs (Eason Jordan, Dan Rather, etc.) and even demoting some politicians (Trent Lott). Now it's time to see if blogs can stop legislation that looks all but inevitable to pass.

Liberal Kevin Drum and Right-leaning Glenn Reynolds have recognized that credit card companies will get a free ride with the upcoming bankruptcy legislation. And both cite an excellent Washington Post article that exposes the credit card companies' practices and how they prey on those people most in need. (If you haven't read it, you should.)

Credit card companies are actively soliciting high-risk consumers and giving them access to loads of debt. As soon as these people get in trouble, the companies feed off the consumers' vulnerable state by charging ludicrous fees and doubling their interest rates. Some people pay thousands of dollars more than they borrowed and still have to declare bankruptcy. Now the pending legislation would make it harder for those people to escape debt through bankruptcy while letting credit card companies continue their predatory practices, avoiding all responsibility for contributing to consumer debt.

For once, the power of the media and the blogosphere can be on the same side. Old and new media need to flood the zone and explain to the public how bad this legislation really is.