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The short explanation of this alert was:
| Politicians have used big banks and credit card companies as their private campaign contribution ATMs. Now many of our elected officials are using policy paybacks to make good on the debt they've racked up with these cash advances. And they're sticking low- and moderate-income people with the bill. |
This week, the U.S. Senate is debating bankruptcy "reform" legislation that will make it harder for low- and moderate-income individuals to get out of debt even when blindsided by sickness, divorce, or job loss. These are the very times when people are most vulnerable to credit card companies' pitches to rack up debt.
Why would the U.S. Senate consider such legislation? Follow the money.
The big banks and credit card companies have contributed more than $101 million to federal candidates and party committees over the last six years (a Senate cycle). Of that, 36% went to Democrats and 64% went to Republicans.
So far, 3,013 people have taken part in this campaign.
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