(MONEY Magazine) – Waving three slightly dubious studies, the credit-card industry has come before Congress to demand personal-bankruptcy reform. The studies promise that if more debtors are forced to repay their debts, the companies can lower their rates and the rest of us will enjoy an annual $35 billion windfall.

With filings up 40% during two years of economic expansion, the call for a return to personal responsibility has obvious appeal. But the studies, paid for by Visa and MasterCard, ignore the possibility that the credit-card companies may bear some responsibility for enticing so many Americans to get in over their heads. Nor do the studies offer any analysis of how card issuers assess risks and generate profits when they blanket the country with pre-approved cards.

And in calculating that $35 billion in annual savings, the studies assume that all debtors pushed into repayment plans will complete them. That, says the U.S. General Accounting Office, is highly unlikely.

Congress could vote on bankruptcy reform soon, but support seems to be weakening.

--Vanessa Richardson