Reset credit scores to 700 and cap interest rates at 6%

Reset credit scores to 700 and cap interest rates at 6%

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R Blake started this petition to Government

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The American people are hurting. Stimulus checks are only doing so much but not enough the help everybody and not enough to bring economic boost. Mostly because by time people get the checks, they have already had bills pile up and otherwise they put in the bank to have in case things get worse. That cannot help the economy and can barely keep the people afloat.  If you are somebody who is out of work $1200 is not enough to cover months of no income.  The unemployment has helped some but not all because now you have money going out but what is covering the money going out? We will have to pay that back in some fashion and taxes will be the way. So once things get back to a balance then big taxes will suck away what you make.

What I purpose is something that can be done by the government without having to give a dime. That means something that will not need to be covered by taxes later.  The talk of stopping student loans was talked about. That is great but not everybody has student loans and yet they are still under huge pressure with debt. I believe the answer is in doing nationwide credit score reset and interest rate cap at 6%.  The way this will work is if you have perfect credit score then your score should not change. If you have less than perfect score, then that score should be reset so that anything on your credit is blocked so that no creditor can see it or access it for over 1 year or 1 ½ years.  This will mean that unless you do not keep things up your score will turn back to what it was after the reset time is done. But if you can keep things in good standing after the reset time your new score will stay.   Scores hurt people and force them to pay more money when they are already hurting.  It takes so long to dig your self out of the hole that people end up having to seek help from predatory lenders and that gets them further in the hole. This does not help the country.  With the reset more people can then turn and go buy new homes if they can afford it? The score reset is not so that people can keep making bad choices but give people a second chance without making them feel like they have failed in life because of a score.   More people will pull away from renting and turn to buying. Homeowner taxes help schools and other things so again great for the economy and less help from the government.   Then comes interest rate cap at 6%.  Very in line with THE SERVICEMEMBERS CIVIL RELIEF ACT (SCRA).  This would be for anything that people have that they pay interest on. Cards, loan, and any debt.  This is a good idea because the creditor still gets paid. This is not keeping them from making a profit, but it does make sure these companies with 30%- 700% interest rates cannot take advantage of people while they are down. But because it allows them to still make a profit this is not something that should hurt them, and they do not need to worry about a lot of bankruptcies that they would end up not getting that money anyway. Again, great for the country.   Creditors during this time should not be able to use any loopholes or somehow penalize customers.  IF found that they try to do such a thing they should have to forfeit debt owed and no derogatory remark reported.  Both things will lift pressure off people and will allow them to have more spending power with the money that they do have.  This will give room for spending and that is how the economy will get a boost.  For this is cost the government $0. 

 

What could happen if the government wants to spend money, they could hire out people that could teach financial literacy and show people how to live within these new ways of doing things. This also will be great for the country. Many people for the first time have been drained of there savings and are finding it hard to now balance money that they do not have coming in.  For people who have been living check to check this would also give them a way to learn how to make their dollars go further so they can start to save.  Nothing about this idea hurts the country but if done right will create better citizen who become wiser about the power of the dollar.  Many will be able to invest in the stock market for the first time so in all areas the people and the country win.    Please spread the word and let us make this happen now. The country needs it!

 

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