A monster of their own creation? Credit insurers get break from Congress.

Thousands of Americans with credit card and other debt are expected to file for bankruptcy protection prior to the implementation of new bankruptcy provisions sent to the president earlier this week.

Under the measure, individuals with incomes above a certain level will be required to pay credit card charges, medical bills and other obligations under court-ordered bankruptcy plans.

Backers of the legislation say that the provision is designed to prevent gamblers, impulsive shoppers, those avoiding child support, and multimillionaires from sheltering assets from creditors.

However, the plan may have a disproportionate impact on the poor who file for bankruptcy out of necessity, not because they are hiding assets. Further, the legislation does nothing to educate consumers of the dangers of debt nor does it restrain the aggressive marketing and high rates charged by credit card companies. As it is, this legislation simply provides a safety net for credit insurers.