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MARCH 7, 2001
2:37 PM
CONTACT:  Ralph Nader
Ralph Nader, 202-387-8030
Ralph Nader Urges Senate To Defeat Bankruptcy Bill And Investigate Pernicious Lending Practices
WASHINGTON - March 7 - Ralph Nader today urged the Senate to defeat efforts to weaken consumer bankruptcy protections and, instead turn its attention to ending "pernicious credit practices that are taking billions of dollars annually from working citizens"

"At the same time that the banks and other credit card issuers are sending lobbyists to Capitol Hill to gut consumer bankruptcy protections, the issuers are sharply increasing their direct marketing of cards and expanding credit lines to already overextended consumers," Nader said. "These lenders have not come to Congress with clean hands asking that the consumers they have lured into excessive debt be blocked from access to bankruptcy protections."

Nader said Congress has long been aware of sleazy lending practices and excessive fees by credit merchants. He said Congress has looked the other way and "provided no barriers to the financial institutions assault on consumers."

"Now, the financial industry-having milked so many consumers dry through high interest rates, fees and sleazy underhanded tactics-wants Congress to squeeze their victims further through punitive amendments to the Bankruptcy Code," Nader said. "Congress should be ashamed to even take up such a bill, much less enact it into law."

--- Letters sent to Senate Majority Leader Trent Lott and Democratic Leader Tom Daschle by Ralph Nader are available. Please call 202-387-8034 to obtain a copy.


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