What do you think of this brainstorm idea that I would think both parties would agree on? How about the government mandate to credit card companies that they must decrease interest rates? Now I think it should be arond 10%. Then people could pay down their credit card debts quicker, thus being able to inject more money into the system. Plus more people would benefit from this action, not just homeowners who made bad or uneducated choices.

But my current rates are less than 10%....

That's great. But I would like to see a max on it. One of mine is 3.9% and I would keep that, but I would just like to see the 20-30% interest charges to be decreased as well.

So people who were wise and didn't get more house than they could afford AND are wiser still and don't live outside their means by having credit card debt get nothing then?

That wouldn't make me happy.

I don't agree with the government mandating ceilings when there are so many credit cards to choose from, or not at all. If people use them, pay them off it shouldn't be a problem. If they can't afford a purchase, delay it. I don't think government should get involved unless there is a monopoly. Beyond that, there are plenty of choices.

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But you wouldn't get anything taken away from you either. Sure, you wouldn't get anything additional due to your wisdom and good sense, but then again, at least you wouldn't have to pay for the mistakes of others like you would with the bailout.

Besides, sometimes people get into credit card debt because of emergencies or things they just couldn't prevent. True a majority of them may have just lived outside their means, as you say, but even still at least you won't be paying to give them a break.

At least you'll sleep better at night knowing that you've made wiser decisions and you and your family are in a good place. That should be worth more than getting a bit extra in the terms of $$$, don't you agree?

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"When you are a mother you are never really alone in your thoughts. A mother always has to think twice, once for herself and once for her child."-Sophia Loren
"A mother is she who can take the place of all others but whose place no one else can take." -Cardinal Mermillod
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Perfectly said!

This way it isn't your tax money bailing people out. People are still digging themselves out, but just see more of their payment go towards the balance instead of the credit card companies wallets.

Keep in mind that just because you have a credit card balance doesn't mean you are irresponsible with your money. Life happens. Some people have to charge gas and groceries to survivie. Not everyone has racked up debt by shopping at Gap when they can't afford Goodwill.

Yes...write up a proposal and send it to your Senator/Congressman. Also send it to your governor, since it could be a state mandate if the feds don't go for it.

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It is a great idea ... but isn't it our government's job to protect Big Business and their rights? Wouldn't such a law put the People first before the corporations?