Stimulus idea

The average American has $9200 in credit card debt. With an interest rate of 10% and a minimum payment of 2%, it will take 65 months to pay off the average card for $184/month.

What if the government took a few billion from the stimulus bill welfare juice and loaned average Americans enough to pay off their credit cards? They could offer a 5% interest rate and deduct payments from income tax refunds. This would loosen up the country's spenders and improve the economy. Not only that, the government would actually make a return on the money.

There would have to be limitations, of course. Bankruptcy would not eliminate the debt. The maximum loan would be 10% or 15% of the taxpayers income.

Banks would get paid back the lions share of the money tied up in customers credit cards, and have money to lend out again, boosting the economy.

Let's talk about it.