With the economy down and it impossible to get credit. Do you think it is a good idea to lower the credit standards so that it is easier to get credit. For example. Those that currently have high credit scores should be able to pay no interest on any loans. And those that have fair credit scores should enjoy the low interest rates of the people that had excellent credit. And for those that have poor credit, they should have decent rates, not sky high rates. In other words if they get rid of high interest on loans, do you think the economy will improve?
SHERMAN
Comments
That sounds like a great idea
Sure…(but the other side of the coin would be…)
That it might worsen the economy because it would cause millions of more people getting into debt up to their eyeballs, and…
…nuf said…
sounds good…but pocket protectorate has a point!!!
I’m all for that, and if for the economy to improve people need to be able to spend, I think it would work. Where I was living they checked credit for everything … jobs, rentals, etc. in addition for loans, credit cards and the normal stuff.
Surprisingly, a girl we know received her first Visa Card about 2 days after turning 18. She didn’t even apply for it, and only works part time … for the minimum wage. She had been on a co-signed checking account, and they just sent the Visa (only $1,000 … but still). I guess they want everybody spending.
Well, first of all a group top economist today said that the economy is due to recover in the first quarter of 2009, and the results will be seen when the numbers come out in march at 3.7% growth.
People borrowing money that can’t pay it is bad, and the interest debt could cause the end of the middle class the same way it did in Mexico.
