Create Debt Neutrality Rights for Paying Down Credit Cards & Student Loans.
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Compromise regarding consumer debt is a powerful tool. Forgiving Credit Card and Student Loan Debt can send the wrong message, but telling people to "get any job", or "get a second job" to pay their debts is flawed if the jobs don't pay enough to pay down a person's existing credit card and student loan debts.
The compromise solution for those with Unending Credit Card and Student Loan Debt would be to allow a person to declare Debt Neutrality on their debt if they are experiencing a hardship in their lives. Consumers presently owe 3 trillion dollars in credit card and Student Loan Debt. Put another way, that 3 trillion in debt costs between 30 billion to 60 billion dollars EVERY MONTH in never ending interest rate charges just to keep the debt at that level!
Debt Neutrality starts with those who can afford to pay down their debts without taking on any new debt, provided the interest rates, penalties and fees are discontinued on their present debts.
After the first wave of consumers exercise Debt Neutrality and begin actually paying down their debts, the economy should begin improving as consumers with less and less debt actually have a touch more money to spend locally, which in turn should create new job opportunities for those still out of work. This in turn helps states and cities generate more tax revenue.
The result could be a cascading affect of economic improvement that requires no government funds of any kind, just the release of the financial death grip that banking institutions have over many consumers via credit card and student loan debt.
What we need is for Congress to grant Debt Neutrality Rights, and then get out of the way!
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