Dating the Next Recession

The next U.S. recession will start in earnest on October 17. (If it hasn't already.)

That's the day the new bankruptcy law kicks-in, and credit card banks get hit by a double-whammy of their own creation. (Illustration is from Howstuffworks.) Be careful of what you ask for, because you just might get it:

1. Borrowers must begain paying back credit card loans based on a 10-year payback, doubling many minimum balances, and
2. New rules force borrowers to repay those debts, even after filing bankruptcy.

How can this be bad for banks, who after all pushed for the legislation?

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