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<blockquote data-quote="Commercial Inside Release" data-source="post: 5975424" data-attributes="member: 93336">Credit card abuse started in the 80&#039;s and accelerated through the 90s, with thousands running up huge balances, then filing bankruptcy -- effectively discharging the debts. This was the work of boomers.Eventually Gen-Xers, facing several decades of stagnant wages and a cost of living that quadrupled at least... Started defaulting on student loans as well. (They learned from the boomers.)The consumer credit banks finally had enough in the early 2000s, and got the laws changed. You can no longer discharge credit card debt or student loans.&quot;Two decades of further tweaks to the bankruptcy code ensued until 2005, when Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which made it so that no student loan — federal or private — could be discharged in bankruptcy unless the borrower can prove repaying the loan would cause “ ...</blockquote>

[QUOTE="Commercial Inside Release, post: 5975424, member: 93336"] Credit card abuse started in the 80's and accelerated through the 90s, with thousands running up huge balances, then filing bankruptcy -- effectively discharging the debts. This was the work of boomers. Eventually Gen-Xers, facing several decades of stagnant wages and a cost of living that quadrupled at least... Started defaulting on student loans as well. (They learned from the boomers.) The consumer credit banks finally had enough in the early 2000s, and got the laws changed. You can no longer discharge credit card debt or student loans. "Two decades of further tweaks to the bankruptcy code ensued until 2005, when Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which made it so that no student loan — federal or private — could be discharged in bankruptcy unless the borrower can prove repaying the loan would cause “ ... [/QUOTE]

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