DerHovenseinen (2005) Tough love for debtors BUSINESS WEEK, 4/25, p.98-99
Alter, Jonathan (2005) A bankrupt way to do business NEWSWEEK, 4/25, P. 29

Senator Charles Grassley (R) of Iowa may have been too clever by half. The credit cards companies wanted it, but they may have gotten too much. The new rules, sponsored by Grassley and worked on for 9 years require bigger monthly payments, more late fees, and bad credit. It may place the debtor into default.

Thus, those attractive and lucrative marginal loans are essentially off the market. Further getting into debt is not exactly the stereotypical spender. With 1.5 billion bankruptcies, some change was needed.

However, according to a Harvard study 95% of those declaring bankruptcy are caused by job loss, family breakup, or medical problems.