Bankruptcy Update
CardWeb is reporting that bankruptcy filings in January were below 100,000 for the first time in over four years.
That’s still a lot of filings (1.3 million a year if you figure in that January is traditionally a month of low filings). Bankruptcies are a lagging indicator, meaning that they usually don’t fall a lot until after an economic recovery is well under way, which all but the most partisan observers acknowledge is the case. I would think there’s a reasonable chance that the number might fall more in the coming months. I would also contend that most of the bankruptcies that remain will be medical in nature, which as I have noted before is often beyond the control of many.
So…..maybe the problem isn’t as great and the financial industry claims. And I still say they should have to agree to limits on their rates and fees before they massively change a system that for all its acknowledged flaws is not chronically broken.
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Comment by TBlumer — July 3, 2005 @ 1:46 pm