There are so many Americans struggling with debt, especially credit card debt, after the last 4 years. Many Americans have completely maxed out their credit cards and will be paying them off for the next 30 years with the current interest rates. Most people understand that they need to pay this money back, but help them to do so in a more timely manner, with dignity. If Federal Loans were made available to people with small interest rates of 3-6%, it would allow Americans to combine their credit card payments into one payment that is much lower than their combined payments. This would immediately provide relief to their monthly expenses and allow them to dig themselves out of the hole that they were forced into. Current debt relief loans require 800 credit scores to get an interest rate below 30% and let’s face it, most people maintaining that kind of credit score do not have this type of debt. Plus the total of the loans offered do not help anyone with large amounts of credit card debt. These loans should be available for larger amounts like 50k to 100k, as well. This can be applied to student loans and medical debt, too. Many people want to pay their way and be responsible, but we just need help to do so. We don’t want a hand out, we want a hand up. We also need to educate our youth on finances in school, so that they don’t find themselves in predatory situations with credit card companies in their futures.
Let’s do a debt jubilee instead, and reintroduce usury laws. Excessive interest rates of >5% are debt slavery. Payday loan shops are especially predatory.
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