My Bailout (get rid of the Mafia) Plan
In my opinion, the credit card system is what has got us into our current economic situation.
Here is why. For many years the banks have been robbing us blind with average interest rates of 20% and higher.
Playing off of the “Get it now and pay for it later” mentality, the banks play their enticing flutes and we march off into debtor’s sea.
In the olden days, less than 20 years ago, banks used the money we put in them to loan to other people, who paid interest. The interest is how the banks made money.
The credit card system promised the banks mega profits for little effort. Now people have to spend money they would have put in saving to pay their credit card debt.
The PLAN:
Pay off everyone’s credit card dept or at least a large percentage of it.
Consolidate and issue one credit card per household with a permanently fixed interest rate no more than %15. The amount of credit will be based on household income, so life strangling debt is avoided.
This would solve a lot of the economic upset, especially long term.
RESULTS:
1. Banks get their money
2. People can begin to save again. People haven’t been able to save because instead of putting $200 in savings they have to pay their credit card bill.
3. People will have money to spend.
4. Less stress: 1 less bill a month is LESS STRESS
RESISTANCE:
-Banks make millions a month on credit card interest. The banks don’t want a “win win” situation. They don’t want to give up that money. From my perspective the Banks don’t want a real solution. They want a solution that will involve keeping us enslaved.
If the American credit card system is reworked the economy will change for the better.