Should everyone with a low credit be provided a path to lower interest rates?
2007-12-04 07:50:43 · 8 answers · asked by Estrella E 4 in Politics & Government ➔ Other - Politics & Government
people with low credit should have the opportunity of learning from their mistakes by suffering the consequences of poor financial decisions.
socialistic wealth re-distribution plans such as credit card amnesty are bad policy. the path to lower interest rates is being a responsible person...not government intervention.
2007-12-04 08:42:37 · answer #1 · answered by Graham 5 · 0⤊ 0⤋
As in the form of a sub prime loan for people to buy properties with back in 2004, was a good deal only because the interest rates were stable, but as interest rates rise, investors will begin to pull out of the housing market. Some borrowers find themselves unable to pay back the loan. I would have to say that giving loans based upon low interest rates is risky business at best.
2007-12-04 10:14:11 · answer #2 · answered by TicToc.... 7 · 0⤊ 0⤋
No!!!!!!!!! The only thing such a plan would accomplish would be further debt that would not be repayed. We do need to control interest rates, but only so that they are not predatory to anyone in the first place. This does not mean we should make credit more available to those that truly cannot afford the payments in the first place! I truly think that the only people that your idea would effect would be the ones living beyond their means in the first place. And that they would only go into further debt under such a plan. What is needed in this situation is not more laws, for they will in the end only be used against us, but more ethics, on both the part of the lender and on the part of the borrower.
2007-12-04 08:06:43 · answer #3 · answered by avatar2068 3 · 0⤊ 1⤋
No. Keep the government out of private affairs. They will only make the costs go up. Competition in the market will do a better job by itself.
2007-12-04 07:55:44 · answer #4 · answered by mylilbubbers 5 · 3⤊ 1⤋
No, a person knows what they are getting into when they sign the agreement to make the payments. The government does not and should not get involved.
2007-12-04 07:55:48 · answer #5 · answered by Anonymous · 2⤊ 1⤋
I don't need amnesty. I have perfect credit..:)
2007-12-04 09:53:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yeah, I want some amnesty, too.
2007-12-04 07:59:02 · answer #7 · answered by cmdrbnd007 6 · 1⤊ 1⤋
you bet ye, and have another sub prime debacle.
2007-12-04 07:58:33 · answer #8 · answered by acid tongue 6 · 1⤊ 0⤋