A stimulus plan...Part One

What would happen if everyone agreed to stop paying their credit card payments. Or better yet, everyone gets a new start...

Let's take a look at this a moment. Since the government, I mean WE, have paid out billions to the banks, perhaps we could call it even. Let's start over...

This would be a great stimulus package! There are millions of people with such high credit card debt and many of it is NOT due to mishandling of their funds. Perhaps a family has gone into debt due to a job loss and loss of income and healthcare and there becomes a health issue. Due to Washington's continued failure to allow American's the same health care that Washington legislators receive has become a farce. That alone shows the disrespect and continued cultural separation that those same legislators possess all the while they use the health care system as a primary talking point for their "care and considerable efforts taken to their job while in Washington..."

Or, perhaps, someone has used their credit cards to finance a small business that they have and times have gotten bad. This is what has happened on Wall Street and they all received billions. So...

Since we have already given the banks their money, let's say we are no longer obligated to pay credit card debt and we all start over. This would give the average American a stimulus of $16,635. Since this is still less than the average that the American has given all of the banks with our future tax dollars, I say we call it a wash.

Now, what would each average citizen be able to do without the need to pay back that $16,635? Perhaps pay their mortgage?!

Also, since there is still an outstanding bailout balance of, let's say, $25,000 per citizen, to which the banks have acquired due to their own mishandling of funds, to which they are supposed to be the masters of, let's say that each citizen is able to open a savings account with that amount in it.

Okay, now, each citizen has received more than a years salary in cash and debt relief, for many people, to which they now have some in a savings account.

Then, each citizen will be given a credit card from the bank which they decided gets to hold their funds, with a limit in the amount of the $25,000 that they have in that savings account. The new rule is that the bank will not allow a borrower to borrow over that amount. This is called secured credit. The payment for this card will automatically be taken from their secured account. The borrow is unable to access the amount of money they use on their credit card so as to continually have enough to cover their debt load in their secured account. Also, there would be No more penalties!

This would be a stimulus package that would get the economy moving from the bottom up. People would be able to save, borrow against, use to purchase things all to help get things moving again. This could all be handled fairly quickly, as it seemed Washington has been able to piss away our money to Wall Street in the past six months rather quickly.

There would be less bankruptcy, a less personal debt ridden society, and a fresh start for America.

It could work...




This, the 256th entry in bloggoland! Thanks for reading and coming back. I always enjoy the comments, emails and the banter!!


(c)Copyright 2009 Doug Boggs