Disappointing Response to Bankruptcy Counseling Law

Situation
New bankruptcy law requires credit counseling to determine repayment ability
In 1st 3 months of new law, most applicants can't qualify for debt management
Overwhelming majority filing for bankruptcy instead of using repayment plans
Credit counselors say they are seeing people "with true hardships"
Many debtors in such financial distress say they can't afford counseling fee
Financial industry says not ready to give up on steering consumers into repayment plans
Significant Points
Banks, credit card issuers hoped counseling provision would keep consumers out of bankruptcy court
Say too early to tell how well new requirement working because so many consumers filed under old, less-restrictive law
Critics of old law suggested bankruptcy protection used by spendthrifts who might be able to repay debts
But counselors say not seeing that type of debtor
American Bankers Association's Philip Corwin says consumers filing now not representative sample
Credit counselors expect bankruptcy filings to rise in next few months Read QuotesClick Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=18099

Sourced From: Washington Post, January 17, 2006

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615-414-6708

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Used-Car Dealers May be Out in the Cold This Winter

1. Consumers feeling high energy costs, layoffs, weaker housing market, rising interest rates
2. Putting chill on consumer spending
3. Big drop in demand for auto loans in Oct as consumers keep cars longer
4. New federal guidelines will require higher minimum credit payments, stretch more budgets
5. Buy-here, pay-here dealers will have to put more money out on street
6. Strong wholesale prices will cut into gross

Points
1. Housing market weakness reducing refinancing as source of consumer spending cash
2. Consumers paying more when borrowing money for car
3. More consumers seeking to refinance credit card debt
4. Creditors will benefit from higher rates, can afford more risk
5. Positive side for dealers--many consumers will see buying used as smart economic decision


Background
1. Consumer borrowing down by record amount in dollar terms in Oct
2. Decline of 4.9% in category that includes auto loans
Sourced From: Used Car News, December 5, 2005; Detroit News, December 8, 2005

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