THE CREDIT SCHEME: A BANKRUPTCY BY DESIGN The Credit Scheme: A Bankruptcy by Design Michelle Fortune, RN Bridgewater State College Faulty and deceptive credit practices on behalf of the lender, is most responsible for the high bankruptcy rates of American consumers. This research paper will attempt to discuss the credit practices that lenders use when giving credit to consumers and how they have full control over consumers, change terms without warning, and cause the consumer increased monthly payments which they are unable to meet. It attempts to explain what happens when they do change credit terms. It will show how lenders cause bankruptcies and directly control the consumer’s credit worthiness by changing terms on credit cards. They determine credit worthiness by the information that they report to the Credit Bureaus....
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