Participants in a credit card industry initiative to stem the bankruptcy tide have clammed up, concerned they might be affected by the antitrust scrutiny that MasterCard and Visa are facing.

Launched earlier this year and touted as a collective solution to an increasingly expensive problem, the Bankruptcy Protection Peer Group has grown reluctant to call much attention to itself at a time when the bank- owned card associations are fighting allegations that their rules illegally restrain competition.

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