Bankruptcy filers targeted by credit card issuers – considered low credit risk

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Credit cards solicit newly bankrupt

TACOMA, Wash., Dec. 11 (UPI) — Credit card companies are looking for new customers among many of the more than 2 million Americans who filed bankruptcy this year.

A new bankruptcy law makes it harder for the newly bankrupt to escape new credit card debt and extends to eight years from six the time before which they could liquidate their debts through bankruptcy again, The New York Times reported.

That makes them more attractive to the banking industry, which spent more than $100 million lobbying for the new law.

“The theory is that people who have just declared bankruptcy are a good credit risk because their old debts are clean and now they won’t be able to get a new discharge for eight years,” said John D. Penn, president of the American Bankruptcy Institute, a nonprofit clearinghouse for information on the subject.

The new law also requires many of those who do go back into bankruptcy to pay previous credit card bills that may have been excused under the old law, the newspaper said.

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