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View Diary: They Are the 1% - A Really Scary Follow Up (95 comments)

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  •  I continue to think (6+ / 0-)

    That we need to cap credit card interest rates at something like 5%. We've seen proof that making minimum monthly payments on even a small amount of debt could leave you in debt for life.  We have to free people from debt servicing.  If you're paying 19% interest on that TV, you've paid for it several times over.  

    Maybe require that interest rates on consumer debt be "aged out."  Drop 3% per year for debt older than 3 years?  Be extinguished in 10 years?  Something's got to give.

    Thought is only a flash in the middle of a long night, but the flash that means everything - Henri Poincaré

    by milton333 on Mon Oct 10, 2011 at 11:51:02 AM PDT

    [ Parent ]

    •  Personally I think we're beyond that. (3+ / 0-)
      Recommended by:
      swellsman, cynndara, milton333

      We need across-the-board debt forgiveness. A Jubilee year, if you will. It's time to start over, erase all debt and move forward. Otherwise we'll all be in debt peonage for the rest of our lives.

      Calling it "Playing Devil's Advocate" still doesn't excuse defense of evil beliefs, opinions, and actions.

      by Killer of Sacred Cows on Mon Oct 10, 2011 at 01:25:54 PM PDT

      [ Parent ]

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