Go Back To Search Results Question Should institutions offer interest free (or low interest) loans to help consumer confidence? I mean how are people going to get out of debt with interest rates so high and unemployment so low? Why should government bail out mega billion dollar enterprises and let the average person fall flat on their face while bearing the burden of these bailouts for decades and possibly generations to come? Why not let the average joe "catch up" and pay off thier debts and give a period say of ONE YEAR of interest free payoffs? Certainly CREDIT CARD companies can afford to do this. I heard that the government might even consider lowering the prime right down to zero...it might actually have to come to that one day! And when I talk about DEBT it's not just DEBT but with people losing jobs how can they afford to eat and pay off bills etc. when most people carry mortgages and have been heavily relying on credit as well? Dont say it aint true either!! ;~) You are absolutely WRONG on that one SWAY. And don't you worry about me....I'm in much better shape that your little head imagines. Well Gaby, I sure hope life throws you a few curves. They will certainly make you a more well rounded person. If your kid gets cancer tomorrow and you have to sell your house (only in America!!!) I want to know if you will be singing to the same tune. Don't forget to read the fine print on that AMAZING insurance packing you (THINK YOU) have. You're in for a HUGE surprise. Stay healthy and keep those arteries unclogged. I see now why guns are so revered in the US too. It's always a perogative too. Now THAT is a reality check!! By ~Bettsy~ Posted on 02/02/09 Total Answers 3 Answers- All you have to do about your credit cards is call them ad ask for a lower interest rate. Tell them you are closing all your accounts and only keeping the one that gives you the best interest rate. They will. The answer is always no unless you ask. There are 2 kinds of people in this world those who sit around and cry and whine and those who go after what they want. Which one are you going to be? Answer by : Sway On Date 2009-02-02 06:45:56 Are you saying that when people are stupid and live beyond their means, they should just not have to pay? They made their bed! What about the 95% of the people that try to be responsible and conservative so they can pay their bills? Unemployment is only 7.3%. That is not the end of the world. We have had 10% before and did not need massive "Stimulus". Yes, foreclosures are high, but over half the foreclosures are for investors and speculators, not poor people losing their house, and over 90% of the people are paying their bills. Sometimes we need a reality check. Just suck it up and get through it. Some will lose a lot, but that is just life. Answer by : GABY On Date 2009-02-02 06:49:10 If you think that any credit card company can afford to forgive all interest payments for a year - you need to understand something about how business works and what interest is. There are three factors that go into determining an interest rate: The rate of inflation The risk of default The profit margin Now if you go 'interest free:' They have no way to recoup the losses when people default on their loans or go bankrupt. Inflation reduces the value of what payments they do get. They have no profits which to pay employees and cover operating expenses. They will have to cancel existing credit cards because they do not have the money to cover the loans. And the people who owe the money will have no incentive to pay off the loan. If there is not interest then there is no cost to them for making the minimum payments only. So who will wind up having to pay for all of this? The people who used their cards responsibly will have to pay enormous service fees and interest rates to subsidize the irresponsible! Answer by : m1a1mikegolf On Date 2009-02-02 07:13:36   Go Back To Search Results