The Brits, in their understated way, are on the fast track to revolutionizing the relationship between the debtor and the creditor. Legally speaking, we have had a two-choice world — make payments as they are due or file for the protection of a bankruptcy court. With no public fanfare, the British Ministry of Justice announced a plan for debtors to stop making payments on credit cards for up to a year if they had a change in circumstances, such as a job loss or divorce. In Britain, there may now be a place between financial life and death.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1250808